EUR/USD Price Analysis: Inches closer to September low above 1.1600

EUR/USD refreshes five-week low after breaking 100-day SMA.
Bearish MACD favor sellers, mid-October low offers additional immediate resistance.
Key Fibonacci retracement levels can lure bears below September bottom.

Anil Panchal FXStreet

EUR/USD drops to 1.1638, the fresh low since September 28, during the early Monday. In doing so, the major currency pair respects Friday’s closing below 100-day SMA amid bearish MACD.

As a result, sellers are currently targeting the September month’s trough surrounding 1.1615/10 as immediate support ahead of looking at the 50% Fibonacci retracement of the pair’s late-June to September 01 upside, at 1.1590.

Although EUR/USD bears are likely to catch a breather around 1.1590, failure to do so might not refrain from attacking 61.8% of Fibonacci retracement near 1.1490.

Alternatively, a daily closing beyond the 1.1660 level comprising 100-day SMA will have to cross the October 15 low of 1.1688 before targeting the 1.1700 threshold and the 1.1785/90 resistance.

In a case where the EUR/USD bulls dominate past-1.1790, the October month’s high of 1.1880 could become their favorite.

EUR/USD daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	1.1641
Today Daily Change	-5 pips
Today Daily Change %	-0.04%
Today daily open	1.1646

Trends
Daily SMA20	1.177
Daily SMA50	1.1786
Daily SMA100	1.1654
Daily SMA200	1.1315

Levels
Previous Daily High	1.1704
Previous Daily Low	1.164
Previous Weekly High	1.1862
Previous Weekly Low	1.164
Previous Monthly High	1.1881
Previous Monthly Low	1.164
Daily Fibonacci 38.2%	1.1665
Daily Fibonacci 61.8%	1.168
Daily Pivot Point S1	1.1622
Daily Pivot Point S2	1.1599
Daily Pivot Point S3	1.1558
Daily Pivot Point R1	1.1687
Daily Pivot Point R2	1.1728
Daily Pivot Point R3	1.1751

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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