EUR/USD Price Analysis: Not Out of the Woods Yet

  • EUR/USD shows decent support in the area above 1.0700.
  • The resumption of the downtrend could retest 1.0635.

He EUR/USD It bounces from 2-month lows in the 1.0630 zone and recovers to the zone just above 1.0700, today, Thursday.

The pair remains under strong pressure and a break of the May low at 1.0635 (May 31) could pave the way for a drop to 1.0600 ahead of the March low at 1.0516 (March 15).

A deeper pullback to the 2023 low at 1.0496 (Jan 6) would likely require a sharp deterioration in the outlook, which does not look favorable at the moment.

Longer-term, constructive view remains above the 200-day SMA at 1.0492 today.

EUR/USD daily chart

EUR/USD

Overview
Last price today 1.0706
Today I change daily 54
today’s daily variation 0.16
today’s daily opening 1.0689
Trends
daily SMA20 1.0841
daily SMA50 1.0899
daily SMA100 1.0815
daily SMA200 1.0494
levels
previous daily high 1.0736
previous daily low 1.0635
Previous Weekly High 1.0831
previous weekly low 1.0702
Previous Monthly High 1.1092
Previous monthly minimum 1.0635
Fibonacci daily 38.2 1.0674
Fibonacci 61.8% daily 1.0697
Daily Pivot Point S1 1.0638
Daily Pivot Point S2 1.0586
Daily Pivot Point S3 1.0537
Daily Pivot Point R1 1.0738
Daily Pivot Point R2 1.0787
Daily Pivot Point R3 1.0838

Source: Fx Street

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