EUR/USD Price Analysis: Sharp Drop Opens Door for Further Near-Term Losses

EUR/USD crashes and falls to fresh 9-1/2-week lows.
A deeper drop to the 2023 low should now not be ruled out.

He EUR/USD comes under strong selling pressure and fully reverses last week’s strong rebound, dipping to fresh 9.5-week lows at 1.0522.

The pronounced sell-off carries the potential for the pair to retest the 2023 low near 1.0480 (Jan 6) before rushing to the key 200-day SMA today at 1.0323.

Longer-term, the bullish view continues as long as it stays above the 200-day SMA.

EUR/USD daily chart

EUR/USD Levels

EUR/USD

Panorama
Last Price Today	1.0545
Today’s Daily Change	-0.0188
Today’s Daily Change %	-1.75
Today’s Daily Open	1.0733

Trends
20 Daily SMA	1.0634
SMA of 50 Daily	1.0727
SMA of 100 Daily	1.0551
SMA of 200 Daily	1.0326

levels
Previous Daily High	1,075
Minimum Previous Daily	1.0679
Previous Weekly High	1.0701
Previous Weekly Minimum	1.0524
Maximum Prior Monthly	1.1033
Minimum Prior Monthly	1.0533
Daily Fibonacci 38.2%	1.0723
Daily Fibonacci 61.8%	1.0706
Daily Pivot Point S1	1.0691
Daily Pivot Point S2	1,065
Daily Pivot Point S3	1.0621
Daily Pivot Point R1	1.0762
Daily Pivot Point R2	1.0791
Daily Pivot Point R3	1.0833

Source: Fx Street

Joshua

I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.