EUR/USD Price Analysis: Scope for further losses near term

EUR/USD bounces off fresh cycle lows near 0.9550.
Extra downside could revisit the 0.9411 level near term.

Pablo Piovano FXStreet

EUR/USD keeps the bearish note well in place and drops to new 2-decade lows near 0.9550, where some initial contention seems to have emerged.

Rising prospects for extra weakness in the European currency remain well on the table for the time being. That said, the loss of the 2022 low at 0.9552 (September 26) should leave the pair vulnerable to a challenge to the round level at 0.9500 prior to the weekly low at 0.9411 (June 17 2002).

In the longer run, the pair’s bearish view is expected to prevail as long as it trades below the 200-day SMA at 1.0685.

EUR/USD daily chart

EUR/USD

Overview
Today last price	0.9652
Today Daily Change	157
Today Daily Change %	-0.39
Today daily open	0.969

Trends
Daily SMA20	0.9964
Daily SMA50	1.008
Daily SMA100	1.0284
Daily SMA200	1.0695

Levels
Previous Daily High	0.9852
Previous Daily Low	0.9668
Previous Weekly High	1.0051
Previous Weekly Low	0.9668
Previous Monthly High	1.0369
Previous Monthly Low	0.9901
Daily Fibonacci 38.2%	0.9738
Daily Fibonacci 61.8%	0.9782
Daily Pivot Point S1	0.9621
Daily Pivot Point S2	0.9553
Daily Pivot Point S3	0.9437
Daily Pivot Point R1	0.9805
Daily Pivot Point R2	0.9921
Daily Pivot Point R3	0.9989

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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