EUR/USD technical analysis: Slides below 200-hour SMA, refreshes weekly low

  • The EUR/USD pair failed to capitalize on its early uptick to the 1.1300 handle and turned lower for the second consecutive session, hitting fresh weekly lows in the last hour.
  • The downtick dragged the pair below a two-week-old ascending trend-line support and a subsequent slide below 200-hour SMA sets the stage for further intraday weakness.

Meanwhile, technical indicators have been gaining negative momentum on hourly charts and further reinforce the bearish set-up, albeit bullish oscillators might prompt some dip-buying interest and help limit further downside.

Hence, any further slide towards mid-1.1200s – marking 38.2% Fibonacci retracement level of the 1.1116-1.1348 recent up-move, might still be seen as a buying opportunity, which if broken will confirm a near-term bearish breakdown.

Below the mentioned support, the pair might turn vulnerable to accelerate the slide towards testing the 1.1200 round figure mark – coinciding with 61.8% Fibo. level, which should act as a key pivotal point for the next leg of a directional move.

On the flip side, the 1.1300 handle now becomes immediate resistance and is followed by the 1.1325-30 supply zone, which if cleared might negate the short-term bearish bias and lift the pair further towards reclaiming the 1.1400 handle.

EUR/USD 1-hourly chart


Today last price 1.1276
Today Daily Change -0.0011
Today Daily Change % -0.10
Today daily open 1.1287
Daily SMA20 1.1212
Daily SMA50 1.1219
Daily SMA100 1.1274
Daily SMA200 1.1365
Previous Daily High 1.1344
Previous Daily Low 1.1282
Previous Weekly High 1.1348
Previous Weekly Low 1.116
Previous Monthly High 1.1266
Previous Monthly Low 1.1107
Daily Fibonacci 38.2% 1.1306
Daily Fibonacci 61.8% 1.1321
Daily Pivot Point S1 1.1265
Daily Pivot Point S2 1.1242
Daily Pivot Point S3 1.1203
Daily Pivot Point R1 1.1327
Daily Pivot Point R2 1.1367
Daily Pivot Point R3 1.1389



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