EUR/USD Price Analysis: Tuesday’s Doji prods Euro bears around 1.0900 ahead of Fed Minutes

EUR/USD remains depressed around intraday low after failing to stop sellers the previous day.
Doji candlestick, nearly oversold RSI test Euro bears as the key FOMC Minutes loom.
Bearish MACD signals, 1.0930-352 resistance confluence challenge recovery moves.
Fed Minutes need to ring hawkish bells to direct Euro bears toward 200-DMA.

Anil Panchal FXStreet

EUR/USD holds lower grounds near 1.0900, poking the intraday bottom amid early Wednesday in Asia. In doing so, the Euro pair struggles for clear directions amid the cautious mood ahead of the Federal Open Market Committee’s (FOMC) Monetary Policy Meeting Minutes. Also likely to challenge the Euro bears is the Doji candlestick marked the previous day, as well as the nearly oversold RSI (14) line. As a result, the Euro bears need a strong hawkish tone from the Fed Minutes to defend the one-month-old downside trend.

Also read: EUR/USD Forecast: Continued bearish pressure persists amid Dollar strength

It’s worth noting that the bearish MACD signals and the quote’s sustained trading below the 100-DMA, as well as a one-month-old falling trend line, joins the early month’s downside break of an ascending trend line from late May to keep the EUR/USD sellers hopeful.

That said, a seven-week-old horizontal support region around 1.0845–35 restricts immediate downside of the EUR/USD pair, a break of which will direct the south-run towards the 200-DMA support of 1.0785.

On the flip side, a convergence of the 100-DMA and a downward-sloping trend line from July 19 guards the EUR/USD pair’s recovery around 1.0930-35 zone.

Following that, the support-turned-resistance line of around 1.1095 and the 1.1100 round figure will lure the EUR/USD bulls.

EUR/USD: Daily chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	1.0903
Today Daily Change	-0.0004
Today Daily Change %	-0.04%
Today daily open	1.0907

Trends
Daily SMA20	1.101
Daily SMA50	1.097
Daily SMA100	1.0931
Daily SMA200	1.0781

Levels
Previous Daily High	1.0952
Previous Daily Low	1.0897
Previous Weekly High	1.1065
Previous Weekly Low	1.0929
Previous Monthly High	1.1276
Previous Monthly Low	1.0834
Daily Fibonacci 38.2%	1.0931
Daily Fibonacci 61.8%	1.0918
Daily Pivot Point S1	1.0885
Daily Pivot Point S2	1.0864
Daily Pivot Point S3	1.083
Daily Pivot Point R1	1.094
Daily Pivot Point R2	1.0974
Daily Pivot Point R3	1.0996

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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