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EUR/USD Technical Analysis: Ascending trend-line support break paves the way for a retest of yearly lows, around 1.1215 region

   •  Having failed to move back above 100-hour SMA, the pair met with some aggressive supply and tumbled to sub-1.1300 level, or fresh monthly lows, on dismal Euro-zone PMI prints.

   •  The steep intraday decline dragged technical indicators on the 1-hourly chart into oversold territory and turned out to be the only factor limiting further downside, at least for the time being.
 

EUR/USD 1-hourly chart

   •  Meanwhile, the pair already seems to have confirmed a near-term bearish breakthrough an ascending trend-line support, extending from yearly lows through lows set on Nov. 28 and Dec. 11.

   •  Moreover, technical indicators on the 4-hourly chart have just started gaining negative momentum and hence, the pair remains vulnerable to head back towards retesting yearly lows.

4-hourly chart

EUR/USD

Overview:
    Today Last Price: 1.1296
    Today Daily change: -68 pips
    Today Daily change %: -0.598%
    Today Daily Open: 1.1364
Trends:
    Previous Daily SMA20: 1.1365
    Previous Daily SMA50: 1.1403
    Previous Daily SMA100: 1.1501
    Previous Daily SMA200: 1.1723
Levels:
    Previous Daily High: 1.1394
    Previous Daily Low: 1.1331
    Previous Weekly High: 1.1424
    Previous Weekly Low: 1.1311
    Previous Monthly High: 1.15
    Previous Monthly Low: 1.1216
    Previous Daily Fibonacci 38.2%: 1.1355
    Previous Daily Fibonacci 61.8%: 1.137
    Previous Daily Pivot Point S1: 1.1332
    Previous Daily Pivot Point S2: 1.13
    Previous Daily Pivot Point S3: 1.127
    Previous Daily Pivot Point R1: 1.1395
    Previous Daily Pivot Point R2: 1.1426
    Previous Daily Pivot Point R3: 1.1457

Author

Haresh Menghani

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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