EUR/USD Technical Analysis: On the back foot below 2-week-old horizontal area

EUR/USD extends a breakdown of a weeklong rising trend line.
November 11 high, 1.1016/15 could appear next on the sellers’ radar.
61.8% Fibonacci retracement adds to the resistance.

Anil Panchal FXStreet

With its failure to cross a fortnight-long horizontal resistance area, EUR/USD declines to 1.1075 while heading into the European session on Wednesday.

The quote now aims to revisit November 11 high around 1.1045 ahead of revisiting the 1.1016/15 multiple support zone.

If prices refrain from bouncing off 1.1015, the monthly low near 1.0990 will be on their radars prior to October bottom of 1.0880.

On the upside break of the 1.1090/95 resistance area, buyers need to conquer the weeklong support-turned-resistance around 1.1100 while 61.8% Fibonacci retracement level of the current month downside, at 1.1105 could question the bulls afterward.

In a case of pair’s successful rise beyond 1.1105, 1.1140 and monthly top close to 1.1180 will come back on the chart

EUR/USD 4-hour chart

Trend: Bearish

additional important levels

Overview
Today last price	1.1076
Today Daily Change	-1 pip
Today Daily Change %	-0.01%
Today daily open	1.1077

Trends
Daily SMA20	1.1081
Daily SMA50	1.1043
Daily SMA100	1.1093
Daily SMA200	1.1177

Levels
Previous Daily High	1.1086
Previous Daily Low	1.1062
Previous Weekly High	1.1058
Previous Weekly Low	1.0989
Previous Monthly High	1.118
Previous Monthly Low	1.0879
Daily Fibonacci 38.2%	1.1077
Daily Fibonacci 61.8%	1.1071
Daily Pivot Point S1	1.1065
Daily Pivot Point S2	1.1052
Daily Pivot Point S3	1.1041
Daily Pivot Point R1	1.1088
Daily Pivot Point R2	1.1098
Daily Pivot Point R3	1.1111

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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