The EUR/USD is currently trading at 1.09797 and is experiencing a decline for the second consecutive day, reaching a new intraday low. According to analyst @nehcap, it is anticipated that the currency pair will continue to decrease.

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• EUR/USD takes offers to refresh intraday low during two-day losing streak.

The pair currently trades last at 1.09797.

The previous day high was 1.1018 while the previous day low was 1.0966. The daily 38.2% Fib levels comes at 1.0986, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0998, expected to provide resistance.

EUR/USD takes offers to refresh intraday low, extends the week-start reversal from a short-term resistance line amid the mid-Asian session on Tuesday.

That said, the Euro pair’s latest weakness could be linked to its inability to cross a downward-sloping resistance line from July 18 amid broadly firmer US Dollar, backed by upbeat Treasury bond yields.

Also read: EUR/USD stays defensive around 1.1000 as German data prods ECB hawks, Fed talks appear mixed

Adding credence to the downside bias are the bearish MACD signals and the previous break of an ascending trend line stretched from May 31.

With this, the EUR/USD pair appears all set to drop towards the 50% Fibonacci retracement of its May-July upside, near 1.0950. However, the 100-DMA support of around 1.0930–25 can challenge the Euro sellers afterward.

In a case where the Euro pair remains bearish past the 100-DMA support, the 61.8% Fibonacci retracement level, also known as the golden Fibonacci ratio, can challenge the EUR/USD bears near 1.0875.

On the flip side, a daily closing beyond the immediate resistance line, close to 1.1010 by the press time, needs validation from the previous support line stretched from May, around 1.1060 at the latest.

Following that, a horizontal area comprising multiple levels marked since early July, surrounding 1.1140–50 will be a crucial upside hurdle for the EUR/USD buyers to watch before challenging the yearly top marked in July around 1.1275.

Trend: Further downside expected

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0984 at the time of writing. Pair opened at 1.1002 and is trading with a change of -0.16% % .

The pair is trading below its 20 Daily moving average @ 1.108, above its 50 Daily moving average @ 1.0942 , above its 100 Daily moving average @ 1.0923 and above its 200 Daily moving average @ 1.075

The previous day high was 1.1018 while the previous day low was 1.0966. The daily 38.2% Fib levels comes at 1.0986, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0998, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.0973, 1.0943, 1.092
• Pivot resistance is noted at 1.1025, 1.1048, 1.1078

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