EUR/USD Price Analysis: Further short-term weakness not ruled out

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  • EUR/USD extends downside correction to 0.9550.
  • A deeper move could see the 2022 low at 0.9535 revisited.

The EUR/USD faces additional selling pressure and breaks below 0.9800 to drop to the 0.9750 area on Monday.

The odds of further European currency weakness remain so far, with the immediate target at the 2022 low at 0.9535 (Sep 28). The loss of the latter should pave the way for a visit to the round level at 0.9500 before the weekly low at 0.9411 (17 Jun 2002).

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In the longer term, the bearish view on the pair should remain unchanged as long as it is below the 200-day SMA at 1.0645.

EUR/USD daily chart

EUR/USD

Overview
last price today 0.9766
daily change today 82
Today’s daily variation -0.37
Daily opening today 0.9802
Trends
daily SMA20 0.9894
daily SMA50 1.0031
daily SMA100 1.0245
daily SMA200 1.0655
levels
Previous daily high 0.9854
Previous Daily Low 0.9734
Previous Weekly High 0.9854
Previous Weekly Low 0.9536
Previous Monthly High 1.0198
Previous Monthly Low 0.9536
Daily Fibonacci of 38.2% 0.978
Daily Fibonacci of 61.8% 0.9808
Daily Pivot Point S1 0.974
Daily Pivot Point S2 0.9677
Daily Pivot Point S3 0.962
Daily Pivot Point R1 0.9859
Daily Pivot Point R2 0.9916
Daily Pivot Point R3 0.9978

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Source: Fx Street

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