EUR/USD Price Analysis: Next on the downside comes 1.1185

EUR/USD drops to new cycle lows in the boundaries of 1.1200.
A breach of 1.1200 exposes a deeper pullback to 1.1185.

Pablo Piovano FXStreet

EUR/USD extends the selloff further and flirts with the 1.1200 barrier on Wednesday, or new 16-month lows.

If the 1.1200 region is cleared in the near term, then the pair is seen shifting the attention to July’s 2020 low at 1.1185 (July 1) ahead of 1.1168 (June 19 2020). Of note, however, is that the pair navigates the oversold territory, which carries the potential to spark a technical correction in the not-so-distant future.

The probability of further losses remains unchanged as long as EUR/USD trades below the 2-month resistance line (off September’s peak) near 1.1580. In the longer run, the offered stance in spot is expected to persist while below the 200-day SMA at 1.1847.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.1214
Today Daily Change	52
Today Daily Change %	-0.32
Today daily open	1.125

Trends
Daily SMA20	1.1473
Daily SMA50	1.1573
Daily SMA100	1.1687
Daily SMA200	1.185

Levels
Previous Daily High	1.1275
Previous Daily Low	1.1226
Previous Weekly High	1.1464
Previous Weekly Low	1.125
Previous Monthly High	1.1692
Previous Monthly Low	1.1524
Daily Fibonacci 38.2%	1.1256
Daily Fibonacci 61.8%	1.1245
Daily Pivot Point S1	1.1226
Daily Pivot Point S2	1.1202
Daily Pivot Point S3	1.1177
Daily Pivot Point R1	1.1275
Daily Pivot Point R2	1.1299
Daily Pivot Point R3	1.1324

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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