EUR/USD technical analysis: MACD turns bearish with 21-DMA, 23.6% Fibo. be key nearby resistance

EUR/USD seesaws near two-week low while being under 1.1157/60 confluence.
MACD flashes bearish signals.

Anil Panchal FXStreet

Following its drop to early-month levels, the EUR/USD pair takes the rounds to 1.1108 during Friday’s Asian session.

12-bar moving average convergence and divergence (MACD) indicate bearish signal for the pair, which in turn highlights 1.1100, 1.1070 and 1.1060 as near-term key supports ahead of pushing bears towards recent low near 1.1027.

In a case prices slip below 1.1027, 1.1000 and 1.0980 could become sellers’ favorites.

Meanwhile, 1.1130 can offer immediate resistance to the pair whereas 23.6% Fibonacci retracement of January-August downpour and 21-day simple moving average (DMA) could restrict further upside around 1.1157/60.

If prices rally beyond 1.1160, June month low at 1.1181 gain market attention.

EUR/USD daily chart

Trend: Bearish

1. R3 1.1215
2. R2 1.1188
3. R1 1.1147
PP 1.112
1. S1 1.108
2. S2 1.1052
3. S3 1.1012

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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