EUR/USD technical analysis: Sellers aim for 2-month old support-line during further declines

EUR/USD seesaws near mid-May 2017 lows.
Bearish MACD signals further downside towards near-term key support-line.

Anil Panchal FXStreet

EUR/USD extends its downpour as its trades close to the lowest since May 2017 while flashing 1.0965 during Tuesday’s Asian session.

12-bar moving average convergence and divergence (MACD) keeps signaling pair’s further south-run. Though, a two-month-old falling trend-line, at 1.0932, could trigger the pullback, if not then 1.0900 can offer an intermediate halt before the quote plunges to fill the gap of April 2017, around 1.0780.

Alternatively, the support-turned-resistance line stretched since late-May 2019, at 1.0988, becomes an immediate upside barrier to watch ahead of August 01 low of 1.1027 and 10-day simple moving average (DMA) level of 1.1056.

During the pair’s run-up beyond 1.1056, a downward sloping trend-line since late-June, around 1.1150, will be the key to follow.

EUR/USD daily chart

Trend: bearish

Additional important levels

Overview
Today last price	1.0966
Today Daily Change	-26 pips
Today Daily Change %	-0.24%
Today daily open	1.0992

Trends
Daily SMA20	1.1125
Daily SMA50	1.119
Daily SMA100	1.1204
Daily SMA200	1.1277

Levels
Previous Daily High	1.1062
Previous Daily Low	1.0962
Previous Weekly High	1.1164
Previous Weekly Low	1.0962
Previous Monthly High	1.1251
Previous Monthly Low	1.0962
Daily Fibonacci 38.2%	1.1001
Daily Fibonacci 61.8%	1.1024
Daily Pivot Point S1	1.0948
Daily Pivot Point S2	1.0905
Daily Pivot Point S3	1.0848
Daily Pivot Point R1	1.1048
Daily Pivot Point R2	1.1106
Daily Pivot Point R3	1.1148

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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