• EUR/USD holds lower ground while paring the biggest daily loss in six months.
  • Bearish MACD signals, steady RSI add strength to the downside bias targeting 100-HMA, 23.6% Fibonacci retracement.
  • Bulls need validation from 0.9800 to retake control.

EUR/USD consolidates Wednesday’s heavy gains as sellers flirt with 0.9680-85 heading into Thursday’s European session. In doing so, the major currency pair pulls back from a one-week-old descending resistance line while dropping back towards the 20-year low marked the previous day.

The bearish MACD signals and an absence of oversold RSI (14) add strength to the downside bias.

However, a convergence of the 100-HMA and 23.6% Fibonacci retracement of the September 19-28 downturn offers a tough nut to crack for the EUR/USD sellers around 0.9655.

Following that, the previous resistance line from Monday, near 0.9615 by the press time, could challenge the pair bears before directing them to the recently flashed multi-year low near 0.9535.

Alternatively, recovery moves need to cross the aforementioned resistance line, close to 0.97365 at the latest, to convince the intraday buyers.

Even so, the previous day’s high at around 0.9750 and September 22 swing low near 0.9805-10 could challenge the EUR/USD bulls before giving them the throne.

Overall, EUR/USD is likely to remain on the bear’s radar but the 0.9655 level may test intraday sellers.

EUR/USD: Hourly chart

Trend: Further downside expected

Additional important levels

Overview
Today last price 0.9685
Today Daily Change -0.0050
Today Daily Change % -0.51%
Today daily open 0.9735
 
Trends
Daily SMA20 0.9908
Daily SMA50 1.0048
Daily SMA100 1.0257
Daily SMA200 1.067
 
Levels
Previous Daily High 0.9751
Previous Daily Low 0.9536
Previous Weekly High 1.0051
Previous Weekly Low 0.9668
Previous Monthly High 1.0369
Previous Monthly Low 0.9901
Daily Fibonacci 38.2% 0.9669
Daily Fibonacci 61.8% 0.9618
Daily Pivot Point S1 0.9596
Daily Pivot Point S2 0.9458
Daily Pivot Point S3 0.9381
Daily Pivot Point R1 0.9812
Daily Pivot Point R2 0.9889
Daily Pivot Point R3 1.0027

 

 

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