EUR/USD Price Analysis: Daily chart now leans bearish

EUR/USD's daily chart shows a bearish Doji reversal pattern.
The pair risks falling to September lows near 1.1610.

Omkar Godbole FXStreet Contributor

EUR/USD looks south with the daily chart showing a bearish candlestick pattern and a failed breakout.

Tuesday's 0.57% drop indicates that the indecision period showed by Monday's Doji candle has ended with a bear victory. In other words, the pair has charted a bearish Doji reversal pattern in the past two days.

The reversal lower has invalidated a bearish channel breakout confirmed by Friday's bullish marubozu candle. A failed breakout often translates into stronger chart-driven selling.

As such, EUR/USD could soon revisit the Sept. 25 low of 1.1612. At press time, the pair is sidelined near 1.1742. A close above Friday's high of 1.1831 would revive the bullish outlook.

Daily chart

Trend: Bearish

Technical levels

EUR/USD

Overview
Today last price	1.174
Today Daily Change	-0.0006
Today Daily Change %	-0.05
Today daily open	1.1746

Trends
Daily SMA20	1.1748
Daily SMA50	1.1801
Daily SMA100	1.1584
Daily SMA200	1.1272

Levels
Previous Daily High	1.1816
Previous Daily Low	1.1731
Previous Weekly High	1.1831
Previous Weekly Low	1.1706
Previous Monthly High	1.2011
Previous Monthly Low	1.1612
Daily Fibonacci 38.2%	1.1763
Daily Fibonacci 61.8%	1.1784
Daily Pivot Point S1	1.1712
Daily Pivot Point S2	1.1679
Daily Pivot Point S3	1.1627
Daily Pivot Point R1	1.1797
Daily Pivot Point R2	1.1849
Daily Pivot Point R3	1.1883

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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