EUR/USD Price Analysis: Recovery remains elusive below 1.1755

EUR/USD keeps bounce off monthly low, sidelined of late.
Bearish MACD, sustained trading below the key supports favor bears.
Six-week-old horizontal support holds the key to yearly low.

Anil Panchal FXStreet

EUR/USD holds onto the previous day’s defensive performance around a monthly low during the sluggish start to Tuesday’s Asian session. That said, the major currency pair seesaws around 1.1730 by the press time.

Although six-week-old horizontal support triggered the pair’s corrective rebound on Monday, two-month-long support, now resistance, as well as 50-DMA, challenges recover moves amid bearish MACD signals.

Hence, any rebound becomes less important unless crossing the immediate horizontal hurdle near 1.1755, followed by the 50-DMA level surrounding 1.1795 and the 1.1800 threshold.

Even if the EUR/USD prices cross the 1.1800 mark, the mid-August top near 1.1805 and a descending resistance line from late June, around 1.1895 will question the bulls.

Alternatively, a clear downside break of the 1.1700 support will direct EUR/USD bears towards the yearly low near 1.1665.

Following that, November 2020 bottom around 1.1600 will be a crucial level to watch.

Overall, EUR/USD is in a slow grind towards the yearly low but intermediate bounces can’t be ruled out.

EUR/USD: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1.1728
Today Daily Change	0.0003
Today Daily Change %	0.03%
Today daily open	1.1725

Trends
Daily SMA20	1.1806
Daily SMA50	1.1796
Daily SMA100	1.1926
Daily SMA200	1.1991

Levels
Previous Daily High	1.1789
Previous Daily Low	1.1724
Previous Weekly High	1.1846
Previous Weekly Low	1.1724
Previous Monthly High	1.19
Previous Monthly Low	1.1664
Daily Fibonacci 38.2%	1.1749
Daily Fibonacci 61.8%	1.1764
Daily Pivot Point S1	1.1703
Daily Pivot Point S2	1.1682
Daily Pivot Point S3	1.1639
Daily Pivot Point R1	1.1768
Daily Pivot Point R2	1.1811
Daily Pivot Point R3	1.1832

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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