EUR/USD Price Analysis: Justifies bear cross to approach 1.1290 key support

EUR/USD remains offered for a second consecutive day, renews intraday low of late.
Bear cross joins downbeat RSI to direct sellers towards three-week-old support line.
Corrective pullback needs validation from a fortnight-long trend line resistance.

Anil Panchal FXStreet

EUR/USD takes offers to refresh intraday low around 1.1297, down 0.08% on a day during the second consecutive daily fall. In doing so, the major currency pair justifies the bearish moving average crossover, as well as downbeat RSI conditions amid Thursday’s Asian session.

Other than the 50-SMA’s piercing off the 200-SMA from above and descending RSI line, not oversold, the pair’s sustained trading below a two-week-long descending trend line also keeps the EUR/USD sellers hopeful.

However, an upward sloping trend line from February 03, around 1.1290 by the press time, becomes crucial support to watch for the bears.

Also challenging the quote’s further weakness is the 61.8% Fibonacci retracement (Fibo.) of an upside from January 28 to February 10, near 1.1265.

Meanwhile, the stated SMAs guard the quote’s recovery moves around 1.1340-45 ahead of a two-week-long resistance line near 1.1365.

Should the EUR/USD bulls cross the 1.1365 hurdle, a run-up towards the 1.1400 threshold can’t be ruled out.

EUR/USD: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1.13
Today Daily Change	-0.0005
Today Daily Change %	-0.04%
Today daily open	1.1305

Trends
Daily SMA20	1.1335
Daily SMA50	1.1333
Daily SMA100	1.1391
Daily SMA200	1.163

Levels
Previous Daily High	1.1359
Previous Daily Low	1.1301
Previous Weekly High	1.1396
Previous Weekly Low	1.128
Previous Monthly High	1.1483
Previous Monthly Low	1.1121
Daily Fibonacci 38.2%	1.1323
Daily Fibonacci 61.8%	1.1337
Daily Pivot Point S1	1.1285
Daily Pivot Point S2	1.1264
Daily Pivot Point S3	1.1227
Daily Pivot Point R1	1.1343
Daily Pivot Point R2	1.138
Daily Pivot Point R3	1.14

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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