EUR/USD Price Analysis: Licks its wounds below 1.0820 key hurdle

EUR/USD remains sidelined after breaking short-term important support.
Bearish MACD signals, steady RSI favor sellers targeting previous resistance line.
Convergence of 100-EMA, 200-EMA appears a tough nut to crack for EUR/USD bears.

Anil Panchal FXStreet

EUR/USD licks its wounds around 1.0790 after a two-day pullback from the highest levels since April 2022. Even so, the major currency pair defends the previous day’s break of the 21-day Exponential Moving Average (EMA) and an upward-sloping support line from early November 2022.

Not only the sustained downside break of the previous key support confluence but the bearish MACD signals and steady RSI (14) also keeps the EUR/USD sellers hopeful.

That said, a seven-week-old resistance-turned-support line near 1.0660 appears the immediate target for the EUR/USD bears to watch before aiming for the 1.0500 support confluence including the 100-EMA and 200-EMA.

It’s worth noting that the previous monthly low near 1.0480 acts as an extra filter towards the south before welcoming the EUR/USD bears.

On the flip side, the 21-day EMA and the three-month-old previous support line challenge the EUR/USD bulls near 1.0820.

Following that, multiple levels near 1.0900 and 1.0920 could test the pair’s further upside before highlighting the latest peak surrounding 1.1035.

In a case where EUR/USD remains firmer past 1.1035, the odds of witnessing a rally toward the March 2022 high near 1.1185 can’t be ruled out.

Overall, EUR/USD remains on the bear’s radar despite the latest inaction.

EUR/USD: Daily chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	1.0787
Today Daily Change	-0.0006
Today Daily Change %	-0.06%
Today daily open	1.0793

Trends
Daily SMA20	1.0842
Daily SMA50	1.0677
Daily SMA100	1.032
Daily SMA200	1.0319

Levels
Previous Daily High	1.094
Previous Daily Low	1.0793
Previous Weekly High	1.1033
Previous Weekly Low	1.0793
Previous Monthly High	1.093
Previous Monthly Low	1.0483
Daily Fibonacci 38.2%	1.0849
Daily Fibonacci 61.8%	1.0884
Daily Pivot Point S1	1.0744
Daily Pivot Point S2	1.0695
Daily Pivot Point S3	1.0597
Daily Pivot Point R1	1.0891
Daily Pivot Point R2	1.0989
Daily Pivot Point R3	1.1038

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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