EUR/USD Price Analysis: Room for additional short-term decline

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  • EUR/USD falls sharply to the 1.0510 area on Friday.
  • Further weakness could lead to the 2022 low.

EUR/USD extends Thursday’s low and hits new multi-week lows near 1.0510 by the end of the week.

The pair’s inability to break above the four-month resistance line near 1.0730, the lack of surprises from the ECB and the US CPI for May were too much for the European currency.

Against that, the continuation of the pullback could open the door for a likely visit to the 2022 low near 1.0350 (13 May).

In the longer term, the bearish view of the pair is expected to prevail as long as it trades below the 200-day simple moving average at 1.1202.

EUR/USD day chart

eurusd

EUR/USD

Panorama
Last Price Today 1.0527
Today’s Daily Change -0.0090
Today’s Daily Change % -0.85
Today’s Daily Opening 1.0617
Trends
20 Daily SMA 1.0647
50 Daily SMA 1,069
100 Daily SMA 1.0935
200 Daily SMA 1.1211
levels
Previous Daily High 1.0774
Previous Daily Minimum 1.0611
Previous Maximum Weekly 1.0787
Previous Weekly Minimum 1.0627
Monthly Prior Maximum 1.0787
Previous Monthly Minimum 1,035
Daily Fibonacci 38.2% 1.0673
Daily Fibonacci 61.8% 1.0712
Daily Pivot Point S1 1.0561
Daily Pivot Point S2 1.0505
Daily Pivot Point S3 1.0398
Daily Pivot Point R1 1.0724
Daily Pivot Point R2 1,083
Daily Pivot Point R3 1.0886

Source: Fx Street

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