EUR/USD Price Analysis: Extends pullback from 200-SMA towards 1.0700

EUR/USD remains pressured after reversing from one-week high.
Three-day-old ascending trend line probes bears ahead of the key monthly support line.
Gravestone Doji bearish candlestick, failure to cross 200-SMA keeps Euro bears hopeful.

Anil Panchal FXStreet

EUR/USD bears rush towards retaking control as the Euro pair stays depressed around 1.0730 during Friday’s Asian session, following a U-turn from the weekly top.

That said, the major currency pair reversed from the one-week high the previous day as the 200-Simple Moving Average (SMA) challenged buyers.

Not only the failures to cross the 200-SMA, around 1.0770 by the press time, but the bearish candlestick at the latest swing high, namely the “Gravestone Doji”, also teases the EUR/USD bears.

However, an upward-sloping support line from Tuesday probes EUR/USD bears near 1.0730 ahead of the one-month-old ascending trend line support, close to 1.0690 at the latest.

It should be noted that the 61.8% Fibonacci retracement level of the pair’s January-February upside adds strength to the 1.0690 support.

In a case where the EUR/USD remains weak past 1.0690, the odds of witnessing a southward trajectory towards the monthly low of 1.0670 and then to January’s bottom surrounding 1.0485 can’t be ruled.

On the flip side, the pair’s successful trading beyond the 200-SMA level of 1.0770 isn’t an open welcome to the EUR/USD bulls as the weekly top of 1.0790 and the 1.0800 could challenge the further upside.

Should the EUR/USD price rally beyond 1.0800, the previous Friday’s swing high near 1.0940 will be crucial to watch for clear directions.

EUR/USD: Four-hour chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	1.0735
Today Daily Change	0.0001
Today Daily Change %	0.01%
Today daily open	1.0734

Trends
Daily SMA20	1.0833
Daily SMA50	1.0703
Daily SMA100	1.0353
Daily SMA200	1.0323

Levels
Previous Daily High	1.0791
Previous Daily Low	1.071
Previous Weekly High	1.1033
Previous Weekly Low	1.0793
Previous Monthly High	1.093
Previous Monthly Low	1.0483
Daily Fibonacci 38.2%	1.076
Daily Fibonacci 61.8%	1.0741
Daily Pivot Point S1	1.0699
Daily Pivot Point S2	1.0664
Daily Pivot Point S3	1.0618
Daily Pivot Point R1	1.078
Daily Pivot Point R2	1.0826
Daily Pivot Point R3	1.0861

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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