EUR/USD Price Analysis: Sees a downside below the crucial support of 1.0430

Declining 20- and 50-period EMAs add to the downside filters.
The RSI (14) has shifted into the bearish range of 20.00-40.00.
EUR/USD may re-test June’s low after violating the critical support of 1.0433.

Sagar Dua FXStreet

The EUR/USD pair has displayed a poor rebound after hitting a low of 1.0433 in the Asian session. The asset is attempting to sustain above 1.0450. However, the overall trend is bearish as the asset surrendered its psychological support of 1.0500 on Wednesday.

The shared currency bulls are attempting to defend the two-week-old crucial support of 1.0444, recorded on June 17. The trendline placed from Tuesday’s high at 1.0606 will act as a major resistance for the eurozone bulls.

The 20- and 50-period Exponential Moving Averages (EMAs) at 1.0463 and 1.0494 respectively are declining, which adds to the downside filters.

Meanwhile, the Relative Strength Index (RSI) (14) has shifted into the bearish range of 20.00-40.00, which indicates more downside ahead. Investors should not initiate aggressive shorts now as the RSI (14) is attempting to 40.00, which may turn the asset sideways.

The greenback bulls could strengthen further if the asset drops below Thursday’s low at 1.0433. An occurrence of the same will drag the asset towards June 14 low at 1.0397. A slippage below June 14 low will expose the asset to more downside levels of the Jun 15 low at 1.0359.

On the flip side, a decisive move above June 22 low at 1.0469 will drive the asset towards Wednesday’s high at 1.0535, followed by Tuesday’s high at 1.0606.

EUR/USD hourly chart

EUR/USD

Overview
Today last price	1.0456
Today Daily Change	0.0013
Today Daily Change %	0.12
Today daily open	1.0443

Trends
Daily SMA20	1.0563
Daily SMA50	1.0586
Daily SMA100	1.0821
Daily SMA200	1.112

Levels
Previous Daily High	1.0536
Previous Daily Low	1.0435
Previous Weekly High	1.0606
Previous Weekly Low	1.0469
Previous Monthly High	1.0787
Previous Monthly Low	1.035
Daily Fibonacci 38.2%	1.0474
Daily Fibonacci 61.8%	1.0497
Daily Pivot Point S1	1.0407
Daily Pivot Point S2	1.0371
Daily Pivot Point S3	1.0307
Daily Pivot Point R1	1.0507
Daily Pivot Point R2	1.0572
Daily Pivot Point R3	1.0608

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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