EUR/USD technical analysis: Eyes 1.09 after weakest daily close since May 2017

EUR/USD extends bearish lower high, lower low setup with a weakest daily close since May 2017.
The candlestick arrangement on the daily chart also indicates scope for deeper drop.

Omkar Godbole FXStreet Contributor

The path of least resistance for the EUR/USD pair is to the downside.

The currency pair closed at 1.0942 on Wednesday, its weakest daily close in over two years. As per the line chart, the pair has set a new lower low below Sept. 2's close of 1.0967.

Further, the pair created a bearish marubozu candle on Wednesday, signaling a continuation of the sell-off from the recent lower high of 1.1110.

Also, the 14-day relative strength index (RSI) is reporting bearish conditions with a below-50 print, having faced rejection at that neutral level on Sept. 17.

All-in-all, the pair appears on track to the psychological support of 1.09.

Daily line chart

Trend: Bearish

Technical levels

EUR/USD

Overview
Today last price	1.0952
Today Daily Change	0.0001
Today Daily Change %	0.01
Today daily open	1.0951

Trends
Daily SMA20	1.1023
Daily SMA50	1.1095
Daily SMA100	1.117
Daily SMA200	1.1248

Levels
Previous Daily High	1.1017
Previous Daily Low	1.0938
Previous Weekly High	1.1084
Previous Weekly Low	1.099
Previous Monthly High	1.1251
Previous Monthly Low	1.0962
Daily Fibonacci 38.2%	1.0968
Daily Fibonacci 61.8%	1.0987
Daily Pivot Point S1	1.092
Daily Pivot Point S2	1.0889
Daily Pivot Point S3	1.0841
Daily Pivot Point R1	1.1
Daily Pivot Point R2	1.1048
Daily Pivot Point R3	1.1079

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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