EUR/USD Price Analysis: The short-term support line holds the downside for now

EUR/USD meets contention just below 1.17 the figure so far this week.
Next on the downside comes in the September’s low near 1.1600.

Pablo Piovano FXStreet

EUR/USD remains under pressure, although it has so far managed well to hold the downside around 1.1690, where sits the immediate support line (off 2020 highs beyond 1.20).

The corrective downside could have further legs to go and therefore a deeper pullback should not be ruled out just yet. Furthermore, if sellers remain in control, then a move to the September lows in the 1.1610 zone could start to gather some traction. Further south awaits the 1.15 level (March’s peak), although a move to this area would need an important deterioration of fundamentals around the European currency, which is out of favour so far.

Looking at the broader scenario, the bullish view on EUR/USD is expected to remain unchanged as long as the pair trades above the critical 200-day SMA, today at 1.1279.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.1718
Today Daily Change	30
Today Daily Change %	0.09
Today daily open	1.1708

Trends
Daily SMA20	1.1738
Daily SMA50	1.1795
Daily SMA100	1.1597
Daily SMA200	1.1278

Levels
Previous Daily High	1.1758
Previous Daily Low	1.1688
Previous Weekly High	1.1831
Previous Weekly Low	1.1706
Previous Monthly High	1.2011
Previous Monthly Low	1.1612
Daily Fibonacci 38.2%	1.1715
Daily Fibonacci 61.8%	1.1731
Daily Pivot Point S1	1.1679
Daily Pivot Point S2	1.1649
Daily Pivot Point S3	1.1609
Daily Pivot Point R1	1.1748
Daily Pivot Point R2	1.1787
Daily Pivot Point R3	1.1817

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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