EUR/USD Technical Analysis: Scope for extra downside. Target remains at 1.1300 and below

The pair remains under pressure and is now putting the 1.1350 area to the test, or fresh multi-week lows.
The continuation of the leg lower could open the door for a visit to the key 200-week SMA in the 1.1320 region. A break below this level could allow for a test of YTD lows in the 1.1300 neighbourhood ahead of December lows in the 1.1270/65 band.
The bearish outlook on EUR/USD is expected to persist as long as the short-term resistance line, today at 1.1542, caps.

Pablo Piovano FXStreet

EUR/USD daily chart

EUR/USD

Overview:
    Today Last Price: 1.1358
    Today Daily change: -0.0011 pips
    Today Daily change %: -0.10%
    Today Daily Open: 1.1369
Trends:
    Daily SMA20: 1.1428
    Daily SMA50: 1.1388
    Daily SMA100: 1.146
    Daily SMA200: 1.1599
Levels:
    Previous Daily High: 1.1392
    Previous Daily Low: 1.1357
    Previous Weekly High: 1.1491
    Previous Weekly Low: 1.1353
    Previous Monthly High: 1.1486
    Previous Monthly Low: 1.1269
    Daily Fibonacci 38.2%: 1.1378
    Daily Fibonacci 61.8%: 1.137
    Daily Pivot Point S1: 1.1353
    Daily Pivot Point S2: 1.1338
    Daily Pivot Point S3: 1.1318
    Daily Pivot Point R1: 1.1388
    Daily Pivot Point R2: 1.1407
    Daily Pivot Point R3: 1.1423

Author

Pablo Piovano

FXStreet

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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