EUR/USD Price Analysis: The pair heads toward session lows as the dollar comeback continues

EUR/USD trades 0.32% lower and the EUR is one of the worst-performing majors.
The price has just broken through 1.1750 to the downside.

Rajan Dhall, MSTA FX Daily

EUR/USD 1-hour chart

EUR/USD is headed towards its lows of the day after more bearishness hit the pair. The price has dipped below 1.1750 and could be headed to the consolidation low at the red horizontal line close to 1.170.

The pair has been pretty bearish after the US jobs report last week report a beat against the analyst consensus. Having said that, the number still shows mounting pressure on US unemployment as the coronavirus pandemic takes its toll.

On the topside, there is a pretty prominent resistance zone at 1.18. If this level breaks the purple trendline would also need to be taken out. The black trendline has also been used a few times as both support and resistance so it could be a sticky point in the future.

The indicators are still looking pretty bearish. The Relative Strength Index is under the 50 line after hitting the oversold area last week. The MACD signal lines are under zero and the histogram is green but only just.

Overall, the pair is still looking pretty bearish. A confirmation would be the break of the red support level. The price is pretty far away from that point at the moment and is the resistance holds then there is potentially a decent risk to reward on offer.

Additional levels

EUR/USD

Overview
Today last price	1.1753
Today Daily Change	-0.0035
Today Daily Change %	-0.30
Today daily open	1.1788

Trends
Daily SMA20	1.1637
Daily SMA50	1.1413
Daily SMA100	1.1155
Daily SMA200	1.1106

Levels
Previous Daily High	1.1883
Previous Daily Low	1.1755
Previous Weekly High	1.1916
Previous Weekly Low	1.1696
Previous Monthly High	1.1909
Previous Monthly Low	1.1185
Daily Fibonacci 38.2%	1.1804
Daily Fibonacci 61.8%	1.1834
Daily Pivot Point S1	1.1735
Daily Pivot Point S2	1.1681
Daily Pivot Point S3	1.1607
Daily Pivot Point R1	1.1862
Daily Pivot Point R2	1.1937
Daily Pivot Point R3	1.199

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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