EUR/USD Price Analysis: On the way to 1.1280 key support

EUR/USD remains pressured after breaking 200-SMA for the first time in two weeks.
Bearish MACD signals, weekly descending trend line also keep sellers hopeful.
Two-month-old support line challenges sellers, 61.8% Fibonacci retracement offers immediate support.

Anil Panchal FXStreet

EUR/USD fails to cheer greenback weakness, stays depressed around 1.1310 during the initial Asian session on Friday.

While portraying the sober mood of the major pair traders, the quote remains below 200-SMA for the first time in a fortnight amid bearish MACD signals, suggesting further declines.

However, the 61.8% Fibonacci retracement (Fibo.) of November-January upside and a two-month-long rising support line, respectively near 1.1300 and 1.1280, become the key challenges for the EUR/USD sellers.

Should the quote breaks 1.1280, it becomes vulnerable to retest the year 2021 bottom of 1.1186. During the fall, 1.1230 and 1.1200 may act as buffers.

Alternatively, a clear upside break of the 200-SMA level surrounding 1.1330 needs validation from the weekly resistance line, near 1.1360 by the press time, to convince short-term EUR/USD buyers.

Even so, December’s peak of 1.1386 and the 1.1435-40 area may test the pair’s further upside ahead of directing it to the monthly top around 1.1485.

EUR/USD: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1.1313
Today Daily Change	-0.0033
Today Daily Change %	-0.29%
Today daily open	1.1346

Trends
Daily SMA20	1.1348
Daily SMA50	1.1322
Daily SMA100	1.1492
Daily SMA200	1.1723

Levels
Previous Daily High	1.1357
Previous Daily Low	1.1317
Previous Weekly High	1.1483
Previous Weekly Low	1.1285
Previous Monthly High	1.1386
Previous Monthly Low	1.1222
Daily Fibonacci 38.2%	1.1342
Daily Fibonacci 61.8%	1.1332
Daily Pivot Point S1	1.1323
Daily Pivot Point S2	1.13
Daily Pivot Point S3	1.1282
Daily Pivot Point R1	1.1363
Daily Pivot Point R2	1.138
Daily Pivot Point R3	1.1403

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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