EUR/USD Price Analysis: Initial support lines up around 1.1790

EUR/USD corrects lower from Wednesday’s peaks around 1.1880.
Extra gains seen re-visiting the 1.1917 level (September 10).

Pablo Piovano FXStreet

The upside momentum in EUR/USD appears to have met a tough barrier in the 1.1880 region on Wednesday, sparking the current knee-jerk to the vicinity of 1.820 so far.

As long as bulls remain in control of the market then the next interim target emerges at the September 10 high near 1.1920 ahead of the August top at 1.1965. Another visit to the 2020 high beyond the critical 1.20 the figure in the immediate term is not favoured for the time being

The corrective downside carries the potential to extend to the 55-day SMA, today at 1.1794, which is expected to initially hold the bearish move.

Looking at the broader scenario, the bullish view on EUR/USD is expected to remain unchanged as long as the pair trades above the critical 200-day SMA, today at 1.1293.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.1827
Today Daily Change	41
Today Daily Change %	-0.29
Today daily open	1.1861

Trends
Daily SMA20	1.1747
Daily SMA50	1.1798
Daily SMA100	1.1623
Daily SMA200	1.1292

Levels
Previous Daily High	1.1881
Previous Daily Low	1.1822
Previous Weekly High	1.1827
Previous Weekly Low	1.1688
Previous Monthly High	1.2011
Previous Monthly Low	1.1612
Daily Fibonacci 38.2%	1.1858
Daily Fibonacci 61.8%	1.1844
Daily Pivot Point S1	1.1828
Daily Pivot Point S2	1.1796
Daily Pivot Point S3	1.1769
Daily Pivot Point R1	1.1887
Daily Pivot Point R2	1.1913
Daily Pivot Point R3	1.1946

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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