- 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|
|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
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.