EUR/USD Price Analysis: Near-term bottom in place?

EUR/USD is fading Friday’s gains and returned to the 1.0820 area.
Rallies are seen struggling initially in the 1.0880/90 zone.

Pablo Piovano FXStreet

EUR/USD has come under pressure on Monday after failing to sustain the move to the 1.0860/65 band last Friday.

In the meantime, current “oversold” conditions, as per the RSI indicator, remain the only driver behind occasional bouts of strength that should face initial hurdle in the 1.0880 region, where sits a Fibo retracement of the 2020 drop and the October 2019 low.

On the broader scenario, the bearish view remains unchanged as long as the spot trades below the 55-day SMA, today at 1.1045. However, the inability of sellers to push through the 1.0780/75 band in the short-term horizon could spark some consolidation, leaving that area as an interim bottom.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.085
Today Daily Change	28
Today Daily Change %	0.00
Today daily open	1.085

Trends
Daily SMA20	1.0933
Daily SMA50	1.105
Daily SMA100	1.1059
Daily SMA200	1.1106

Levels
Previous Daily High	1.0864
Previous Daily Low	1.0783
Previous Weekly High	1.0864
Previous Weekly Low	1.0778
Previous Monthly High	1.1225
Previous Monthly Low	1.0992
Daily Fibonacci 38.2%	1.0833
Daily Fibonacci 61.8%	1.0814
Daily Pivot Point S1	1.0801
Daily Pivot Point S2	1.0752
Daily Pivot Point S3	1.072
Daily Pivot Point R1	1.0881
Daily Pivot Point R2	1.0913
Daily Pivot Point R3	1.0962

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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