EUR/USD Price Analysis: Sees a quick rebound to 1.1300 amid oversold conditions

EUR/USD rebounds swiftly from 16-month lows, battles 1.1300.
Oversold RSI conditions could offer temporary reprieve to EUR bulls.
All eyes on Eurozone inflation for the next big move in the pair.

Dhwani Mehta FXStreet

EUR/USD is struggling to extend the recovery from a new 16-month lows of 1.1264, currently battling 1.1300, as the US dollar clings onto the recent upside.

However, retreating US Treasury yields offer some relief to the EUR bulls while oversold conditions on the daily technical chart also come to the rescue of the bullish traders.

The main currency pair extended its losing streak into a sixth straight session on Wednesday, having witnessed a sharp 40-pips sell-off on a breach of the 1.1300 psychological level.

The 14-day Relative Strength Index (RSI) is pointing south while within the oversold territory, justifying the quick rebound in EUR/USD over the last hours.

However, if the bears defy the oversold conditions, then the daily low could be put to test once again, below which the 1.1250 barrier will be on the sellers’ radars.

EUR/USD: Daily chart

On the flip side, any recovery will need acceptance above the daily highs of 1.1327 to sustain.

Further up, the 1.1350 psychological barrier will challenge the bullish commitments.

EUR/USD: Additional levels to consider

EUR/USD

Overview
Today last price	1.1299
Today Daily Change	-0.0014
Today Daily Change %	-0.12
Today daily open	1.1313

Trends
Daily SMA20	1.1556
Daily SMA50	1.1625
Daily SMA100	1.1715
Daily SMA200	1.1871

Levels
Previous Daily High	1.1386
Previous Daily Low	1.1312
Previous Weekly High	1.1609
Previous Weekly Low	1.1433
Previous Monthly High	1.1692
Previous Monthly Low	1.1524
Daily Fibonacci 38.2%	1.134
Daily Fibonacci 61.8%	1.1358
Daily Pivot Point S1	1.1288
Daily Pivot Point S2	1.1263
Daily Pivot Point S3	1.1214
Daily Pivot Point R1	1.1362
Daily Pivot Point R2	1.1411
Daily Pivot Point R3	1.1436

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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