EUR/USD Price Analysis: Sharp decline opens the door to extra losses near term

EUR/USD melts down and revisits the area of multi-week lows.
A deeper drop to the 2023 low should not be ruled out now.

Pablo Piovano FXStreet

EUR/USD comes under heavy selling pressure and fully reverses last week’s strong rebound, revisiting at the same time the 1.0520 area on Wednesday.

The pronounced sell-off carries the potential to retest the 2023 low near 1.0480 (January 6) ahead of the key 200-day SMA, today at 1.0323.

Looking at the longer run, the constructive view remains unchanged while above the 200-day SMA.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.0545
Today Daily Change	237
Today Daily Change %	-1.75
Today daily open	1.0733

Trends
Daily SMA20	1.0634
Daily SMA50	1.0727
Daily SMA100	1.0551
Daily SMA200	1.0326

Levels
Previous Daily High	1.075
Previous Daily Low	1.0679
Previous Weekly High	1.0701
Previous Weekly Low	1.0524
Previous Monthly High	1.1033
Previous Monthly Low	1.0533
Daily Fibonacci 38.2%	1.0723
Daily Fibonacci 61.8%	1.0706
Daily Pivot Point S1	1.0691
Daily Pivot Point S2	1.065
Daily Pivot Point S3	1.0621
Daily Pivot Point R1	1.0762
Daily Pivot Point R2	1.0791
Daily Pivot Point R3	1.0833

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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