EUR/USD Price Analysis: Prints first daily close below 1.10 since October

EUR/USD has printed a daily below 1.10 for the first time in four months.
Wednesday's bearish marubozu indicates the sell-off has legs.

Omkar Godbole FXStreet Contributor

EUR/USD found acceptance below 1.10 on Tuesday - its first daily close below the psychological support since Oct. 10.

The psychological support was breached with a bearish marubozu candle, which comprises of little or no wick and a long body - a sign of strong bearish sentiment.

As a result, the latest decline below 1.10 looks to have legs, more so, as the 14-day relative strength index is reporting bearish conditions with a below-50 print and the 5- and 10-day averages are trending south.

The pair looks set to challenge support at 1.0981 (Nov. 29 low). Acceptance under that could cause more sellers to join the market, yielding a deeper drop toward 1.09. On the higher side, a close above marubozu's high of 1.1048 is needed to invalidate bearish pressures.

Daily chart

Trend: Bearish

Technical levels

EUR/USD

Overview
Today last price	1.1
Today Daily Change	0.0002
Today Daily Change %	0.02
Today daily open	1.0998

Trends
Daily SMA20	1.1075
Daily SMA50	1.1102
Daily SMA100	1.1072
Daily SMA200	1.1126

Levels
Previous Daily High	1.1048
Previous Daily Low	1.0994
Previous Weekly High	1.1092
Previous Weekly Low	1.0992
Previous Monthly High	1.1225
Previous Monthly Low	1.0992
Daily Fibonacci 38.2%	1.1015
Daily Fibonacci 61.8%	1.1027
Daily Pivot Point S1	1.0979
Daily Pivot Point S2	1.0959
Daily Pivot Point S3	1.0925
Daily Pivot Point R1	1.1033
Daily Pivot Point R2	1.1067
Daily Pivot Point R3	1.1087

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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