- 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
|Last Price Today||1.0527|
|Today’s Daily Change||-0.0090|
|Today’s Daily Change %||-0.85|
|Today’s Daily Opening||1.0617|
|20 Daily SMA||1.0647|
|50 Daily SMA||1,069|
|100 Daily SMA||1.0935|
|200 Daily SMA||1.1211|
|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