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EUR/USD Price Analysis: There is still room to go down

  • EUR/USD pulls back to the below 1.0700 area on Tuesday.
  • Further weakness could jeopardize the 1.0630 area.

The Euro-Dollar pair is again under bearish pressure and falls below the key support of 1.0700 on Tuesday’s reversal figure.

The pair remains under pressure and a continuation of the selling trend should prompt a probable test of the May low at 1.0635 (31 May) on the near term horizon. If the pair turns down from the 1.0600 support, it could open the door for a deeper decline to the March low of 1.0516 (March 15).

Further losses to the 2023 low at 1.0481 (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 1.0505 today.

EUR/USD daily chart


Last price today 1.0689
Today I change daily fifty
today’s daily variation -0.22
today’s daily opening 1.0713
daily SMA20 1.0798
daily SMA50 1.0895
daily SMA100 1.0812
daily SMA200 1.0505
previous daily high 1.0722
previous daily low 1.0675
Previous Weekly High 1.0779
previous weekly low 1.0635
Previous Monthly High 1.1092
Previous monthly minimum 1.0635
Fibonacci daily 38.2 1.0704
Fibonacci 61.8% daily 1.0693
Daily Pivot Point S1 1.0684
Daily Pivot Point S2 1.0656
Daily Pivot Point S3 1.0637
Daily Pivot Point R1 1.0732
Daily Pivot Point R2 1.0751
Daily Pivot Point R3 1,078

Source: Fx Street

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