EUR/USD Price Analysis: Poised for further losses towards 1.1700

EUR/USD remains pressured inside short-term rising wedge bearish pattern.
Weekly falling trend line, sustained trading below the key moving averages keep sellers hopeful.

Anil Panchal FXStreet

EUR/USD edges lower around 1.1730, teasing the rising wedge confirmation, amid early Friday’s morning in Asia.

In addition to the bearish chart formation, a downward sloping trend line from Monday and the quote’s sustained trading below 100 and 200-HMAs hints at the further downside.

However, a clear break of 1.1725 becomes necessary for the major currency pair before hitting the key 1.1700 threshold, comprising the yearly low.

If at all the EUR/USD bears keep reins past 1.1700, late 2020 tops surrounding 1.1600 will be in focus.

Meanwhile, 100-HMA and the weekly resistance line, respectively around 1.1735 and 1.1745, should restrict the pair’s corrective pullback ahead of highlighting the upper line of the stated wedge, near 1.1765.

It should be noted that the week’s top surrounding 1.1770 and 200-HMA close to 1.1790 are extra filters to the north for EUR/USD traders to watch.

EUR/USD: Hourly chart

Trend: Bearish

Additional important levels

Overview
Today last price	1.1733
Today Daily Change	-0.0006
Today Daily Change %	-0.05%
Today daily open	1.1739

Trends
Daily SMA20	1.1806
Daily SMA50	1.19
Daily SMA100	1.1963
Daily SMA200	1.201

Levels
Previous Daily High	1.1754
Previous Daily Low	1.1706
Previous Weekly High	1.19
Previous Weekly Low	1.1755
Previous Monthly High	1.1909
Previous Monthly Low	1.1752
Daily Fibonacci 38.2%	1.1736
Daily Fibonacci 61.8%	1.1724
Daily Pivot Point S1	1.1712
Daily Pivot Point S2	1.1685
Daily Pivot Point S3	1.1664
Daily Pivot Point R1	1.176
Daily Pivot Point R2	1.1781
Daily Pivot Point R3	1.1808

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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