EUR/USD Price Analysis: Struggles below 1.2200 inside falling channel


  • EUR/USD remains depressed between 100-SMA and 200-SMA inside a three-week-old descending trend channel.
  • Downbeat MACD signals also back the bears, monthly support line adds to the downside filters.

EUR/USD wobbles around 1.2170, after the previous day’s downbeat performance, amid the initial Asian session on Friday. Even so, the major currency pair remains under the bearish chart formation, falling channel, while also keeping the envelope of the key SMAs.

Given the bearish MACD signals backing the channel formation, EUR/USD can portray further losses.

However, 200-SMA and the ascending support line from May 13, respectively around 1.2150 and 1.2120, could precede the channel’s support line near 1.2095 to probe the bears.

Meanwhile, buyers are less likely to enter until the quote stays below the channel’s resistance line close to 1.2215. It’s worth noting that 100-SMA near 1.2195 guard’s the quote’s immediate upside.

In a case where the EUR/USD prices rally beyond 1.2215, the recent multi-month top near 1.2265 and the 1.2300 will lure the bulls.

EUR/USD four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 1.2174
Today Daily Change -7 pips
Today Daily Change % -0.06%
Today daily open 1.2181
 
Trends
Daily SMA20 1.2186
Daily SMA50 1.2075
Daily SMA100 1.2043
Daily SMA200 1.1989
 
Levels
Previous Daily High 1.2218
Previous Daily Low 1.2171
Previous Weekly High 1.2254
Previous Weekly Low 1.2104
Previous Monthly High 1.2266
Previous Monthly Low 1.1986
Daily Fibonacci 38.2% 1.22
Daily Fibonacci 61.8% 1.2189
Daily Pivot Point S1 1.2162
Daily Pivot Point S2 1.2143
Daily Pivot Point S3 1.2115
Daily Pivot Point R1 1.2209
Daily Pivot Point R2 1.2237
Daily Pivot Point R3 1.2256

 

 

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