EUR/USD Price Analysis: MACD offers strongest bearish signal since mid-November

EUR/USD's MACD histogram is at the lowest since mid-November.
The pair looks set to extend the recent downtrend from 1.1240 to support at 1.0981.

Omkar Godbole FXStreet Contributor

EUR/USD has dropped from 1.1240 to 1.1020 over the last four weeks and may continue to exhibit pressure behavior this week as the MACD histogram is reporting the strongest bearish bias in over two months.

The daily chart indicator is currently printing a value of -0.00139, the lowest reading since Nov. 14. A negative number indicates bearish market conditions, while an above-zero print represents a bullish market.

The indicator is printing deeper bars below the zero line - a sign of the strengthening of bearish momentum.

The pair could challenge to 1.0981 (Nov. 29 low), under which sellers may attack next support near 1.0950.

The hourly chart relative strength index is currently reporting a bullish divergence. A bounce to 1.1062 (hourly chart hurdle) may be seen before a deeper drop is seen, as suggested by the daily chart.

At press time, EUR/USD is trading at 1.1035, representing moderate gains on the day, having hit a low of 1.1020 on Friday.

Daily chart

Trend: Bearish

Technical levels

EUR/USD

Overview
Today last price	1.1035
Today Daily Change	0.0006
Today Daily Change %	0.05
Today daily open	1.1028

Trends
Daily SMA20	1.1133
Daily SMA50	1.1103
Daily SMA100	1.1073
Daily SMA200	1.1132

Levels
Previous Daily High	1.1062
Previous Daily Low	1.102
Previous Weekly High	1.1118
Previous Weekly Low	1.102
Previous Monthly High	1.124
Previous Monthly Low	1.1002
Daily Fibonacci 38.2%	1.1036
Daily Fibonacci 61.8%	1.1046
Daily Pivot Point S1	1.1011
Daily Pivot Point S2	1.0995
Daily Pivot Point S3	1.0969
Daily Pivot Point R1	1.1053
Daily Pivot Point R2	1.1079
Daily Pivot Point R3	1.1095

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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