EUR/USD Price Analysis: Looks set to revisit sub-1.2000 area


  • EUR/USD battles the previous day’s pullback from seven-week high.
  • Downside break of 61.8% Fibonacci retracement, MACD conditions favor further selling.
  • Horizontal area from early March, two-week-old rising support line will test the bears.
  • March’s peak adds to the upside barrier, bearish Doji on multi-day top back the sellers.

EUR/USD remains pressured around 1.2030, extending the pullback from a multi-day top, during Wednesday’s Asian session. In doing so, the major currency pair justifies the bearish Doji candlestick on the four-hour (4H) formation portraying the latest high.

Additionally, the pair’s downside break of 61.8% Fibonacci retracement of late February to March-end downside as well as MACD’s recent turn in favor of the sellers also back the EUR/USD bears.

Hence, the recent losses are likely to mount as short-term sellers aim to revisit the horizontal area established from March 02, around 1.1990.

However, the pair’s further weakness will be tamed by an ascending trend line from April 06, near 1.1985 by the press time.

Meanwhile, corrective pullback beyond the 61.8% Fibonacci retracement level of 1.2037 will not be an open invitation to the EUR/USD buyers as the recent peak, as well as the one marked in early March, respectively around 1.2080 and 1.2115, be the tough resistances.

EUR/USD four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 1.2032
Today Daily Change -4 pips
Today Daily Change % -0.03%
Today daily open 1.2036
 
Trends
Daily SMA20 1.1868
Daily SMA50 1.1961
Daily SMA100 1.2059
Daily SMA200 1.192
 
Levels
Previous Daily High 1.208
Previous Daily Low 1.2022
Previous Weekly High 1.1995
Previous Weekly Low 1.1871
Previous Monthly High 1.2113
Previous Monthly Low 1.1704
Daily Fibonacci 38.2% 1.2044
Daily Fibonacci 61.8% 1.2058
Daily Pivot Point S1 1.2012
Daily Pivot Point S2 1.1989
Daily Pivot Point S3 1.1955
Daily Pivot Point R1 1.207
Daily Pivot Point R2 1.2103
Daily Pivot Point R3 1.2127

 

 

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