EUR/USD Price Analysis: Six-week-old support line on sellers’ radars below 1.1250

EUR/USD slips below 100-bar SMA following a U-turn from 1.1349.
200-bar SMA adds to the supports, 1.1353 strengthens the upside barrier.
A broad support line keeps the bulls hopeful despite increasing odds for short-term declines.

Anil Panchal FXStreet

EUR/USD refreshes the intraday low near 1.1250 during the initial Asian session on Thursday. The pair recently accelerated downside moves after breaking 100-bar SMA. The same follows the quote’s U-turn from June 16 top on Tuesday.

Considering the pair’s weakness below the key SMA, further fall towards an ascending trend line from May 14, at 1.1210 now, becomes wide anticipated. However, June 21 low near 1.1170 and 200-bar SMA close to 1.1110 could challenge the bears afterward.

If at all the pair continues to drop past-1.1110, 61.8% Fibonacci retracement of May-June upside and May 21 top, respectively around 1.1021 and 1.1009, could return to the charts.

Alternatively, an upside break of a 100-bar SMA level of 1.1277 can trigger another effort to break the 1.1349/53 resistance region to refresh the monthly top beyond 1.1423.

EUR/USD four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1.125
Today Daily Change	-58 pips
Today Daily Change %	-0.51%
Today daily open	1.1308

Trends
Daily SMA20	1.1235
Daily SMA50	1.1016
Daily SMA100	1.0992
Daily SMA200	1.1032

Levels
Previous Daily High	1.1348
Previous Daily Low	1.1233
Previous Weekly High	1.1353
Previous Weekly Low	1.1168
Previous Monthly High	1.1145
Previous Monthly Low	1.0767
Daily Fibonacci 38.2%	1.1304
Daily Fibonacci 61.8%	1.1277
Daily Pivot Point S1	1.1245
Daily Pivot Point S2	1.1181
Daily Pivot Point S3	1.1129
Daily Pivot Point R1	1.136
Daily Pivot Point R2	1.1412
Daily Pivot Point R3	1.1476

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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