EUR/USD Price Analysis: Potential correction ahead of further gains

EUR/USD’s bullish attempt met initial decent contention around 1.1620.
Corrective leg lower could extend to the 1.1448/22 band.

Pablo Piovano FXStreet

EUR/USD reached and receded from new 22-month highs beyond the 1.16 yardstick in past hours.

The pair is navigating the overbought territory for yet another session and this coupled with some logical (overdue?) profit taking could trigger a corrective downside. Against this, initial and interim contention emerges at the 1.1448/22 band, where converge a Fibo level and June’s top.

Looking at the broader picture, as long as the 200-day SMA, today at 1.1070, holds the downside, further gains in EUR/USD remains well on the table.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.1584
Today Daily Change	40
Today Daily Change %	-0.10
Today daily open	1.1596

Trends
Daily SMA20	1.1352
Daily SMA50	1.1231
Daily SMA100	1.1079
Daily SMA200	1.107

Levels
Previous Daily High	1.1627
Previous Daily Low	1.154
Previous Weekly High	1.1452
Previous Weekly Low	1.13
Previous Monthly High	1.1422
Previous Monthly Low	1.1097
Daily Fibonacci 38.2%	1.1594
Daily Fibonacci 61.8%	1.1574
Daily Pivot Point S1	1.1549
Daily Pivot Point S2	1.1502
Daily Pivot Point S3	1.1462
Daily Pivot Point R1	1.1635
Daily Pivot Point R2	1.1674
Daily Pivot Point R3	1.1722

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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