EUR/USD Price Analysis: Stays directed towards 1.1230 inside weekly falling channel

EUR/USD remains pressured within short-term bearish chart pattern.
Downbeat MACD signals, break of two-week-old previous support adds to the bearish bias.
Horizontal area from November 22 offers immediate support, descending trend line from late October, 200-SMA add to the upside filters.

Anil Panchal FXStreet

EUR/USD struggles to keep the latest rebound from 1.1266 around the support-turned-resistance line during the initial Asian session on Tuesday. That said, the major currency pair stays inside a nearby descending trend channel formation around 1.1285 by the press time.

In addition to the quote’s downside break of a short-term support line, now resistance, as well as a falling channel formation, bearish MACD signal also keep EUR/USD sellers hopeful.

The current weakness, however, may take a breather around a fortnight-long horizontal zone surrounding 1.1235-30 before directing the EUR/USD bears to the yearly low near 1.1186.

Given the pair’s declines past 1.1186, June 2020 low near 1.1170 and March 2020 peak of 1.1147 will be in focus.

Alternatively, the stated channel’s resistance line around 1.1310 guards short-term advances of the EUR/USD pair.

On a clear break of 1.1310, a descending resistance line from October 28 and 200-SMA, respectively near 1.1385 and 1.1440, will be crucial hurdles to follow for witnessing a change in the current bearish trend.

EUR/USD: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1.1283
Today Daily Change	-0.0026
Today Daily Change %	-0.23%
Today daily open	1.1309

Trends
Daily SMA20	1.1349
Daily SMA50	1.1501
Daily SMA100	1.1643
Daily SMA200	1.1817

Levels
Previous Daily High	1.1334
Previous Daily Low	1.1267
Previous Weekly High	1.1383
Previous Weekly Low	1.1235
Previous Monthly High	1.1616
Previous Monthly Low	1.1186
Daily Fibonacci 38.2%	1.1308
Daily Fibonacci 61.8%	1.1292
Daily Pivot Point S1	1.1273
Daily Pivot Point S2	1.1236
Daily Pivot Point S3	1.1206
Daily Pivot Point R1	1.134
Daily Pivot Point R2	1.137
Daily Pivot Point R3	1.1407

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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