EUR/USD Price Analysis: Recent Decline Exposes The 1.1700 Area

Editor • Sep 17, 2020 at 7:26 AM EDT

EUR/USD manages to reclaim the 1.18 level after bottoming out in new monthly lows in the 1.1740/35 band during early trade.

EUR/USD manages to reclaim the 1.18 level after bottoming out in new monthly lows in the 1.1740/35 band during early trade.

If cleared, bears could drag the pair to the key contention zone around 1.17, where converge late August lows and a Fibo level (of the 2017-2018 rally). The 55-day SMA, today at 1.1702, also reinforces this critical juncture.

Looking at the broader scenario, the bullish view on EUR/USD is expected to remain unchanged as long as the pair trades above the critical 200-day SMA, today at 1.1216.

EUR/USD daily chart

(Click on image to enlarge)

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