• EUR/USD takes offers to renew intraday low during three-day downtrend.
  • Clear break of 12-day-old ascending trend line, receding bullish bias of MACD favor sellers.
  • Monthly horizontal support, 20-DMA appears a tough nut to crack for sellers.

EUR/USD drops below 1.0700 as bears keep reins during the third consecutive day amid Tuesday’s Asian session.

A downward sloping resistance line from late April joins the pair’s repeated failure to cross the 50-DMA to favor the EUR/USD bears. Also keeping the sellers hopeful is the recent break of an upward sloping support line from May 13, now resistance near 1.0710. Furthermore, the receding size of the bullish bars on the MACD histogram adds strength to the bearish bias.

That said, a convergence of the 20-DMA and one-month-old horizontal area appears strong support around 1.0630.

Following that, April’s low of 1.0470 could act as the last defense for EUR/USD buyers before directing the quote towards the yearly low of 1.0349.

Meanwhile, recovery moves need validation from the 1.0710 support-turned-resistance before challenging the 1.5-month-old descending trend line near 1.0750.

Also questioning the EUR/USD buyers is the previous month’s high near 1.0785 and the 1.0800 threshold.

EUR/USD: Daily chart

Trend: Further weakness expected

Additional important levels

Today last price 1.0686
Today Daily Change -0.0010
Today Daily Change % -0.09%
Today daily open 1.0696
Daily SMA20 1.0617
Daily SMA50 1.0715
Daily SMA100 1.0954
Daily SMA200 1.1228
Previous Daily High 1.0752
Previous Daily Low 1.0684
Previous Weekly High 1.0787
Previous Weekly Low 1.0627
Previous Monthly High 1.0787
Previous Monthly Low 1.035
Daily Fibonacci 38.2% 1.071
Daily Fibonacci 61.8% 1.0726
Daily Pivot Point S1 1.0669
Daily Pivot Point S2 1.0643
Daily Pivot Point S3 1.0601
Daily Pivot Point R1 1.0737
Daily Pivot Point R2 1.0779
Daily Pivot Point R3 1.0805



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