EUR/USD Price Analysis: Still room for further decline

EUR/USD retreats to the sub-1.0700 region on Tuesday.
Further weakness could challenge the 1.0630 region.

Pablo Piovano FXStreet

EUR/USD comes under fresh downside pressure and drops below the key support at 1.0700 the figure on turnaround Tuesday.

The pair remains well under pressure and the continuation of the selling bias should prompt a probable test of the May low at 1.0635 (May 31) to emerge on the horizon in the short term. If spot clears the 1.0600 support it could then open the door to a deeper decline to the March low at 1.0516 (March 15).

Extra losses to the 2023 low of 1.0481 (January 6) would likely need a sharp deterioration of the outlook, which appears not favoured for the time being.

Looking at the longer run, the constructive view remains unchanged while above the 200-day SMA, today at 1.0505.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.0689
Today Daily Change	50
Today Daily Change %	-0.22
Today daily open	1.0713

Trends
Daily SMA20	1.0798
Daily SMA50	1.0895
Daily SMA100	1.0812
Daily SMA200	1.0505

Levels
Previous Daily High	1.0722
Previous Daily Low	1.0675
Previous Weekly High	1.0779
Previous Weekly Low	1.0635
Previous Monthly High	1.1092
Previous Monthly Low	1.0635
Daily Fibonacci 38.2%	1.0704
Daily Fibonacci 61.8%	1.0693
Daily Pivot Point S1	1.0684
Daily Pivot Point S2	1.0656
Daily Pivot Point S3	1.0637
Daily Pivot Point R1	1.0732
Daily Pivot Point R2	1.0751
Daily Pivot Point R3	1.078

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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