EUR/USD Price Analysis: Sellers cheer three-week-old support break around 1.0850

EUR/USD remains pressured after breaking short-term key support.
Bearish MACD signals, downbeat RSI adds strength to the downside bias targeting 100-SMA.
Double tops around 1.0930 also favor sellers to keep the reins.

Anil Panchal FXStreet

EUR/USD seesaws around 1.0850 as bears take a breather after breaking important support. With this, the major currency pair confirms its place on the seller’s radar even if it probes the three-day downtrend with its latest inaction.

Not only the trend line breakdown but the bearish MACD signals and the downbeat RSI (14), not oversold, also keep the EUR/USD sellers hopeful. On the same line could be the double-top bearish formation marked around 1.0930.

As a result, the quote’s further downside towards the 100-bar Simple Moving Average (SMA), close to 1.0825 by the press time, appears imminent.

However, the 200-SMA and January 10 low, respectively near 1.0720 and 1.0710, could challenge the EUR/USD bears afterward.

In a case where the EUR/USD pair remains bearish past 1.0710, its slump toward the monthly low near 1.0480 can’t be ruled out.

Alternatively, recovery moves must cross the support-turned-resistance line from January 10, close to 1.0860 at the latest, to tease EUR/USD buyers.

Even so, the aforementioned double tops near 1.0930 will be a tough nut to crack for the pair bulls, a break of which could quickly propel the price towards the 1.1000 round figure.

Should the EUR/USD pair remains firmer past 1.1000, its rally toward January 2022 low near 1.1120 can’t be ruled out.

EUR/USD: Four-hour chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	1.0849
Today Daily Change	-0.0016
Today Daily Change %	-0.15%
Today daily open	1.0865

Trends
Daily SMA20	1.077
Daily SMA50	1.0624
Daily SMA100	1.0277
Daily SMA200	1.0312

Levels
Previous Daily High	1.09
Previous Daily Low	1.0838
Previous Weekly High	1.093
Previous Weekly Low	1.0835
Previous Monthly High	1.0736
Previous Monthly Low	1.0393
Daily Fibonacci 38.2%	1.0862
Daily Fibonacci 61.8%	1.0877
Daily Pivot Point S1	1.0835
Daily Pivot Point S2	1.0805
Daily Pivot Point S3	1.0773
Daily Pivot Point R1	1.0898
Daily Pivot Point R2	1.093
Daily Pivot Point R3	1.096

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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