EUR/USD Price Analysis: Sellers keep control below 1.0200 support-turned-resistance

EUR/USD holds lower ground after breaking short-term key support, now resistance.
One-month-old horizontal area lures bears amid downbeat MACD, RSI.
Convergence of 21-DMA, ascending trend line from mid-July guards immediate recovery.

Anil Panchal FXStreet

EUR/USD remains pressured around 1.0160 during the initial Asian session on Tuesday, after breaking the 1.0200 key support the previous day.

In addition to the clear downside break of the 21-DMA and monthly ascending trend line, descending RSI (14) and receding bullish bias of the MACD also keep the EUR/USD bears hopeful.

With this, the EUR/USD pair becomes vulnerable to visiting the one-month-old horizontal support around 1.0100.

However, the 1.0000 parity mark can challenge the major currency pair’s further downside, which if ignored could quickly direct the south-run towards the yearly low surrounding 0.9950.

On the contrary, recovery remains elusive until the quote stays below the convergence of the immediate DMA and the upward sloping previous support line from mid-July, around 1.0200.

Even so, the 50-DMA and a descending trend line from May 30, close to 1.0310, appear a tough nut to crack for the EUR/USD bulls.

It’s worth noting that a three-month-old ascending support-turned-resistance line, close to 1.0360-65, appears the last defense of the pair sellers.

EUR/USD: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1.0162
Today Daily Change	-0.0098
Today Daily Change %	-0.96%
Today daily open	1.026

Trends
Daily SMA20	1.0212
Daily SMA50	1.0329
Daily SMA100	1.0525
Daily SMA200	1.0896

Levels
Previous Daily High	1.0328
Previous Daily Low	1.0238
Previous Weekly High	1.0369
Previous Weekly Low	1.0159
Previous Monthly High	1.0486
Previous Monthly Low	0.9952
Daily Fibonacci 38.2%	1.0272
Daily Fibonacci 61.8%	1.0293
Daily Pivot Point S1	1.0223
Daily Pivot Point S2	1.0186
Daily Pivot Point S3	1.0134
Daily Pivot Point R1	1.0313
Daily Pivot Point R2	1.0365
Daily Pivot Point R3	1.0402

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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