EUR/USD Price Analysis: Mid-1.0700s Appear Tough Nut To Crack For Euro Bears

EUR/USD remains depressed at the lowest levels in two months, down for the fourth consecutive day, as Euro bears poke short-term key support surrounding 1.0750 heading into Friday’s European session.

Apart from the multiple supports marked since March 13, the oversold conditions of the RSI (14) line also challenge the Euro pair, not to forget the bullish sentiment surrounding the US Dollar.

It’s worth noting, however, that the bearish MACD signals and the previous support line from May 02, close to 1.0795 by the press time, quickly followed by the 1.0800 round figure, challenges the Euro’s corrective bounce, if any.

Also acting as an upside filter is the 50% Fibonacci retracement of March-May upside, near 1.0805, as well as the late April swing low of around 1.0910.

In a case where the EUR/USD remains firmer past 1.0910, the odds of witnessing a run-up toward the 1.1000 round figure and then to the monthly high near 1.1095 can’t be ruled out.

On the flip side, a daily closing beneath the aforementioned broad horizontal support zone of around 1.0760-30, will be detrimental for the EUR/USD pair price as it can make it vulnerable to testing the mid-March low surrounding 1.0515.

During the anticipated fall, the 1.0700 and 1.0600 round figures may check the Euro bears.

 

EUR/USD: Four-hour chart

(Click on image to enlarge)

Trend: Further downside expected.

 

ADDITIONAL IMPORTANT LEVELS

OVERVIEW
Today last price 1.0764
Today Daily Change -0.0006
Today Daily Change % -0.06%
Today daily open 1.077

 

TRENDS
Daily SMA20 1.0961
Daily SMA50 1.0891
Daily SMA100 1.0807
Daily SMA200 1.0464

 

LEVELS
Previous Daily High 1.0848
Previous Daily Low 1.0762
Previous Weekly High 1.1054
Previous Weekly Low 1.0848
Previous Monthly High 1.1095
Previous Monthly Low 1.0788
Daily Fibonacci 38.2% 1.0795
Daily Fibonacci 61.8% 1.0815
Daily Pivot Point S1 1.0739
Daily Pivot Point S2 1.0708
Daily Pivot Point S3 1.0654
Daily Pivot Point R1 1.0825
Daily Pivot Point R2 1.0879
Daily Pivot Point R3 1.091

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Disclaimer: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only ...

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