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EUR/USD technical analysis: Rising odds for a test of 2019 lows near 1.1100 in the short-term

  • EUR/USD remains well into the negative territory, reversing at the same time two consecutive weekly closes with gains.
  • The bearish stance is expected to prevail as long as the pair navigates below the key multi-month resistance line at 1.1291.

EUR/USD's technical picture keeps favoring the bears. The pair is heading to a losing close after two consecutive winning weeks.

Its inability to clear the critical 1.1250/60 band – where coincide monthly tops and the 55-day simple moving average – has opened the door to a return of sellers and the palpable chance of a visit to year-to-date lows in the 1.1100 neighbourhood in the next weeks.

EUR/USD daily chart

EUR/USD

Overview
Today last price1.1176
Today Daily Change14
Today Daily Change %-0.02
Today daily open1.1178
 
Trends
Daily SMA201.1199
Daily SMA501.1246
Daily SMA1001.1314
Daily SMA2001.1396
Levels
Previous Daily High1.1226
Previous Daily Low1.1166
Previous Weekly High1.1254
Previous Weekly Low1.1166
Previous Monthly High1.1326
Previous Monthly Low1.1111
Daily Fibonacci 38.2%1.1189
Daily Fibonacci 61.8%1.1203
Daily Pivot Point S11.1155
Daily Pivot Point S21.1131
Daily Pivot Point S31.1096
Daily Pivot Point R11.1214
Daily Pivot Point R21.1249
Daily Pivot Point R31.1273

Author

Pablo Piovano

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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