EUR/USD Price Analysis: Hovers below 1.0700, eyeing the 1.0600 figure amid bearish signals

EUR/USD trades at 1.0696, up 0.01%, but remains below the pivotal 1.0700 mark, signaling potential for further downside.
For a bullish reversal, the pair needs to clear 1.0700 and aim for September 6 daily high of 1.0748 as an intermediate resistance.
Most likely scenario sees EUR/USD targeting May 31 low of 1.0635, with a breach potentially exposing the 1.0600 psychological level.

Christian Borjon Valencia FXStreet

The EUR/USD begins the Asian session almost flat but below the 1.0700 figure, seen as a bearish signal, after printing losses of 0.29% on Thursday, which could open the door to test May lows. At the time of writing, the major trades at 1.0696, up 0.01%.

EUR/USD Price Analysis: Technical outlook

The daily chart portrays a continuation of the downtrend, as the pair achieved a new lower-low and trades near the bottom of the weekly range. However, being the 1.0700 figure that usually keeps the EUR/USD seesawing in the top/bottom of the double zero mark, buyers and sellers need to take action to win the battle.

For buyers, the EUR/USD must climb above 1.0700 and reclaim the September 6 daily high of 1.0748, an intermediate resistance level. Once cleared, the pair's next ceiling level would be the September 5 high at 1.0798 before challenging the 200-day Moving Average (DMA) at 1.0822.

On the flip side, and the most likely scenario, due to recent economic data and the EUR/USD breaking decisively below the 200-DMA, the first support would be the May 31 daily low of 1.0635. A breach of the latter will expose the psychological 1.0600 figure, followed by the March 15 swing low of 1.0516.

EUR/USD Price Action – Daily chart

EUR/USD

Overview
Today last price	1.0696
Today Daily Change	-0.0031
Today Daily Change %	-0.29
Today daily open	1.0727

Trends
Daily SMA20	1.0853
Daily SMA50	1.0957
Daily SMA100	1.0916
Daily SMA200	1.0822

Levels
Previous Daily High	1.0749
Previous Daily Low	1.0703
Previous Weekly High	1.0946
Previous Weekly Low	1.0772
Previous Monthly High	1.1065
Previous Monthly Low	1.0766
Daily Fibonacci 38.2%	1.0731
Daily Fibonacci 61.8%	1.072
Daily Pivot Point S1	1.0704
Daily Pivot Point S2	1.068
Daily Pivot Point S3	1.0657
Daily Pivot Point R1	1.075
Daily Pivot Point R2	1.0772
Daily Pivot Point R3	1.0796

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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