EUR/USD Price Analysis: The downward trend continues in the market

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  • EUR/USD adds to weekly leg down around 1.0500.
  • Additional losses seem likely in the short term horizon.

The EUR/USD adds to recent weakness and revisits the 1.0480 area on Wednesday, where initial support appeared.

The inability to break out of the 4-month line near 1.0650 should keep the bearish pressure around the pair. Conversely, further losses are expected to follow, although a revisit to June’s low at 1.0358 seems out of the question for now.

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In the long term, the bearish view on the pair is expected to prevail as long as it trades below the 200-day SMA at 1.1119.

EUR/USD daily chart

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Technical levels

EUR/USD

Panorama
Last Price Today 1.0491
Today’s Daily Change -0.0028
Today’s Daily Change % -0.27
Today’s Daily Opening 1.0519
Trends
20 Daily SMA 1.0574
50 Daily SMA 1.0595
100 Daily SMA 1,083
200 Daily SMA 1.1127
levels
Previous Daily High 1.0606
Previous Daily Minimum 1.0503
Previous Maximum Weekly 1.0606
Previous Weekly Minimum 1.0469
Monthly Prior Maximum 1.0787
Previous Monthly Minimum 1,035
Daily Fibonacci 38.2% 1.0543
Daily Fibonacci 61.8% 1.0567
Daily Pivot Point S1 1,048
Daily Pivot Point S2 1,044
Daily Pivot Point S3 1.0377
Daily Pivot Point R1 1.0583
Daily Pivot Point R2 1.0646
Daily Pivot Point R3 1.0685

Source: Fx Street

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