EUR/USD Price Analysis: Recent decline exposes the 1.1700 area

EUR/USD clinched fresh monthly lows near 1.1740 earlier on Thursday.
The continuation of the downtrend could see the 1.1700 zone re-visited.

Pablo Piovano FXStreet

EUR/USD manages to reclaim the 1.18 level after bottoming out in new monthly lows in the 1.1740/35 band during early trade.

If cleared, bears could drag the pair to the key contention zone around 1.17, where converge late August lows and a Fibo level (of the 2017-2018 rally). The 55-day SMA, today at 1.1702, also reinforces this critical juncture.

Looking at the broader scenario, the bullish view on EUR/USD is expected to remain unchanged as long as the pair trades above the critical 200-day SMA, today at 1.1216.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.1793
Today Daily Change	82
Today Daily Change %	-0.19
Today daily open	1.1816

Trends
Daily SMA20	1.1841
Daily SMA50	1.1734
Daily SMA100	1.142
Daily SMA200	1.1215

Levels
Previous Daily High	1.1883
Previous Daily Low	1.1788
Previous Weekly High	1.1918
Previous Weekly Low	1.1753
Previous Monthly High	1.1966
Previous Monthly Low	1.1696
Daily Fibonacci 38.2%	1.1824
Daily Fibonacci 61.8%	1.1846
Daily Pivot Point S1	1.1775
Daily Pivot Point S2	1.1734
Daily Pivot Point S3	1.168
Daily Pivot Point R1	1.187
Daily Pivot Point R2	1.1924
Daily Pivot Point R3	1.1964

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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