EUR/USD Price Analysis: Bears battle four-month-old support near 1.1750

EUR/USD remains pressured around two-week low, extends Friday’s break of ascending support trend line from November.
Downbeat Momentum, sustained trading below the key supports favor bears.
July’s low challenges sellers targeting the yearly low.

Anil Panchal FXStreet

EUR/USD takes offers around 1.1755, teasing the previous month’s low flashed on Friday, amid the initial Asian session on Monday. The major currency pair dropped heavily the previous day after breaking a nine-month-long support line, now resistance, amid broad US Dollar strength.

The pair bears gain support from a downtick the Momentum line as they battle an upward sloping support line from March-end near July’s low.

Hence, a daily closing below 1.1750 becomes necessary for the EUR/USD sellers to challenge the yearly low surrounding 1.1700.

Following that, the currency pair’s slump to the November 2020 bottom near 1.1600 becomes imminent.

Alternatively, a corrective pullback may aim for the previous support line from late 2020, around 1.1795–1800.

However, a convergence of six-week-old descending trend line and 61.8% Fibonacci retracement of November 2020 to January 2021 upside, close to 1.1890–1900, will be a tough nut to crack for the EUR/USD buyers afterward. Also acting as the key hurdle for the pair buyers is the 50-DMA level of 1.1920.

EUR/USD: Daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	1.1757
Today Daily Change	-0.0006
Today Daily Change %	-0.05%
Today daily open	1.1763

Trends
Daily SMA20	1.182
Daily SMA50	1.1929
Daily SMA100	1.1968
Daily SMA200	1.2009

Levels
Previous Daily High	1.1836
Previous Daily Low	1.1755
Previous Weekly High	1.19
Previous Weekly Low	1.1755
Previous Monthly High	1.1909
Previous Monthly Low	1.1752
Daily Fibonacci 38.2%	1.1785
Daily Fibonacci 61.8%	1.1805
Daily Pivot Point S1	1.1733
Daily Pivot Point S2	1.1703
Daily Pivot Point S3	1.1652
Daily Pivot Point R1	1.1814
Daily Pivot Point R2	1.1865
Daily Pivot Point R3	1.1895

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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