EUR/USD Price Analysis: Rising bets for drop to 1.0480

EUR/USD rapidly loses the grip and trades in fresh lows near 1.0540.
Next on the downside emerges the 2023 low at 1.0481.

Pablo Piovano FXStreet

The downside pressure picks up extra impulse and forces EUR/USD to print new monthly lows in the 1.0545/40 band at the end of the week.

If sellers push harder, spot could extend the retracement to the 2023 low at 1.0481 (January 6), an area reinforced by the proximity of the temporary 100-day SMA, today at 1.0449.

In the longer run, the constructive view remains unchanged while above the 200-day SMA, today at 1.0329.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.0544
Today Daily Change	74
Today Daily Change %	-0.56
Today daily open	1.0603

Trends
Daily SMA20	1.0746
Daily SMA50	1.0727
Daily SMA100	1.0443
Daily SMA200	1.0331

Levels
Previous Daily High	1.0628
Previous Daily Low	1.0577
Previous Weekly High	1.0805
Previous Weekly Low	1.0613
Previous Monthly High	1.093
Previous Monthly Low	1.0483
Daily Fibonacci 38.2%	1.0608
Daily Fibonacci 61.8%	1.0596
Daily Pivot Point S1	1.0578
Daily Pivot Point S2	1.0552
Daily Pivot Point S3	1.0527
Daily Pivot Point R1	1.0628
Daily Pivot Point R2	1.0653
Daily Pivot Point R3	1.0679

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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