EUR/USD Price Analysis: Justifies bearish crossover to eye 1.1900 immediate support
|- EUR/USD picks up bids inside immediate range between 1.1910 and 1.1940.
- Bearish MACD, 100-day SMA cross over 21-day SMA favor sellers.
- 200-day SMA, ascending trend line from early November offers strong support.
EUR/USD seesaws inside a 30-pip trading range above 1.1910, currently up around 1.1930, during Tuesday’s Asian session. In doing so, the quote struggles for a clear direction following the two-day losing streak.
Although EUR/USD sellers are catching a breather, Friday’s downside break of 21-day SMA over 100-day SMA, coupled with bearish MACD, suggests the pair’s further weakness.
As a result, the 1.1900 threshold can offer immediate support to the EUR/USD sellers. However, a convergence of 200-day SMA and a 4.5-month-old rising trend line, currently around 1.1845, will be a tough nut to crack for the bears.
Meanwhile, corrective pullback needs to regain the 1.2000 psychological magnet before defying the bearish crossover while rising past-100-day SMA level of 1.2045.
Following that, EUR/USD buyers can aim to refresh the monthly high of 1.2113.
EUR/USD daily chart
Trend: Further weakness expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.