EUR/USD Price Analysis: Intensive sellers to drag near two-year low at 1.0640

The exploding of the Darvas Box chart formation will imbalance the asset.
Declining 20- and 50-period EMAs claim that the downside is intact.
The RSI (14) is on the verge of slipping below 40.00.

Sagar Dua FXStreet

The EUR/USD pair is experiencing an open-rejection reverse trading session on Monday. The asset opened almost flat at 1.0806 and moved higher to 1.0815, but responsive sellers dragged the pair below the opening price to a low of 1.0772. The pair has been trading lower for the past few trading sessions after failing to sustain above the psychological resistance of 1.0900 last week.

On a four-hour scale, the asset forms a Darvas Box chart pattern, plotted in a range of 1.0763-1.0940. Validation of the Darvas Box chart pattern will result in an expansion of volume and volatility.

The 20- and 50-period Exponential Moving Averages (EMAs) at 1.0812 and 1.0832, respectively, continue to scale lower, which signals that a bearish bias is intact.

Meanwhile, the Relative Strength Index (RSI) (14) is on the verge of slipping below 40.00, which will bring a fresh bearish impulsive wave.

A slippage below monthly lows at 1.0758 will drag the asset towards the 24 March 2020 low at 1.0721, followed by a two-year low at 1.0639.

On the contrary, the euro bulls can dictate the asset if it exceeds the 150-EMA at 1.0908. This will send the asset towards the March 22 and March 31 highs at 1.1046 and 1.1185, respectively.

EUR/USD four-hour chart

EUR/USD

Overview
Today last price	1.0774
Today Daily Change	-0.0013
Today Daily Change %	-0.12
Today daily open	1.0787

Trends
Daily SMA20	1.0907
Daily SMA50	1.1032
Daily SMA100	1.1179
Daily SMA200	1.1411

Levels
Previous Daily High	1.0852
Previous Daily Low	1.0771
Previous Weekly High	1.0936
Previous Weekly Low	1.0761
Previous Monthly High	1.1233
Previous Monthly Low	1.0806
Daily Fibonacci 38.2%	1.0802
Daily Fibonacci 61.8%	1.0821
Daily Pivot Point S1	1.0754
Daily Pivot Point S2	1.0722
Daily Pivot Point S3	1.0674
Daily Pivot Point R1	1.0835
Daily Pivot Point R2	1.0884
Daily Pivot Point R3	1.0916

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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