EUR/USD Price Analysis: Weekly low near 0.9700 is next

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  • EURUSD corrects further lower and touches 0.9730 again on Thursday.
  • Further weakness could see the 0.9700 area revisited in the near term.

The EURUSD It breaks the 0.9800 support and trades fresh lows around 0.9730 on Thursday.

Taking into account the evolution of prices, a further drop in the short term should not be ruled out. On the contrary, the pair could go back to the weekly low of 0.9704 (Oct 21) before the monthly low of 0.9631 (Oct 13).

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In the short term, further losses are anticipated as EUR/USD navigates below the 9-month resistance line, today near 0.9880.

In the longer term, the bearish view on the pair should remain unchanged as long as it is below the 200-day SMA at 1.0474.

EURUSD daily chart

EUR/USD

Overview
last price today 0.9751
daily change today 109
Today’s daily change % -0.68
Daily opening today 0.9818
Trends
daily SMA20 0.9835
daily SMA50 0.9883
daily SMA100 1.0066
daily SMA200 1.0483
levels
Previous daily high 0.9976
Previous Daily Low 0.9813
Previous Weekly High 1.0094
Previous Weekly Low 0.9807
Previous Monthly High 1.0094
Previous Monthly Low 0.9632
Daily Fibonacci of 38.2% 0.9875
Daily Fibonacci of 61.8% 0.9914
Daily Pivot Point S1 0.9762
Daily Pivot Point S2 0.9706
Daily Pivot Point S3 0.9599
Daily Pivot Point R1 0.9925
Daily Pivot Point R2 1.0032
Daily Pivot Point R3 1.0089

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Source: Fx Street

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