EURUSD @ 1.01604 – Support/Resistance analysis: Price Analysis: Sellers keep control below 1.0200 support-turned-resistance
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- EUR/USD holds lower ground after breaking short-term key support, now resistance.
- One-month-old horizontal area lures bears amid downbeat MACD, RSI.
- Convergence of 21-DMA, ascending trend line from mid-July guards immediate recovery.
The pair currently trades last at 1.01604.
The previous day high was 1.0328 while the previous day low was 1.0238. The daily 38.2% Fib levels comes at 1.0272, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0293, expected to provide resistance.
EUR/USD remains pressured around 1.0160 during the initial Asian session on Tuesday, after breaking the 1.0200 key support the previous day.
In addition to the clear downside break of the 21-DMA and monthly ascending trend line, descending RSI (14) and receding bullish bias of the MACD also keep the EUR/USD bears hopeful.
With this, the EUR/USD pair becomes vulnerable to visiting the one-month-old horizontal support around 1.0100.
However, the 1.0000 parity mark can challenge the major currency pair’s further downside, which if ignored could quickly direct the south-run towards the yearly low surrounding 0.9950.
On the contrary, recovery remains elusive until the quote stays below the convergence of the immediate DMA and the upward sloping previous support line from mid-July, around 1.0200.
Even so, the 50-DMA and a descending trend line from May 30, close to 1.0310, appear a tough nut to crack for the EUR/USD bulls.
It’s worth noting that a three-month-old ascending support-turned-resistance line, close to 1.0360-65, appears the last defense of the pair sellers.
Trend: Further weakness expected
Technical Levels: Supports and Resistances
EURUSD currently trading at 1.0162 at the time of writing. Pair opened at 1.026 and is trading with a change of -0.96% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.0162 |
| 1 | Today Daily Change | -0.0098 |
| 2 | Today Daily Change % | -0.96% |
| 3 | Today daily open | 1.026 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 1.0212, 50 SMA 1.0329, 100 SMA @ 1.0525 and 200 SMA @ 1.0896.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.0212 |
| 1 | Daily SMA50 | 1.0329 |
| 2 | Daily SMA100 | 1.0525 |
| 3 | Daily SMA200 | 1.0896 |
The previous day high was 1.0328 while the previous day low was 1.0238. The daily 38.2% Fib levels comes at 1.0272, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0293, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 1.0223, 1.0186, 1.0134
- Pivot resistance is noted at 1.0313, 1.0365, 1.0402
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.0328 |
| Previous Daily Low | 1.0238 |
| Previous Weekly High | 1.0369 |
| Previous Weekly Low | 1.0159 |
| Previous Monthly High | 1.0486 |
| Previous Monthly Low | 0.9952 |
| Daily Fibonacci 38.2% | 1.0272 |
| Daily Fibonacci 61.8% | 1.0293 |
| Daily Pivot Point S1 | 1.0223 |
| Daily Pivot Point S2 | 1.0186 |
| Daily Pivot Point S3 | 1.0134 |
| Daily Pivot Point R1 | 1.0313 |
| Daily Pivot Point R2 | 1.0365 |
| Daily Pivot Point R3 | 1.0402 |
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