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.

Anil Panchal FXStreet

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

Additional important levels

Overview
Today last price	1.1926
Today Daily Change	-3 pips
Today Daily Change %	-0.03%
Today daily open	1.1929

Trends
Daily SMA20	1.2035
Daily SMA50	1.2094
Daily SMA100	1.2045
Daily SMA200	1.1842

Levels
Previous Daily High	1.1968
Previous Daily Low	1.1911
Previous Weekly High	1.199
Previous Weekly Low	1.1836
Previous Monthly High	1.2243
Previous Monthly Low	1.1952
Daily Fibonacci 38.2%	1.1933
Daily Fibonacci 61.8%	1.1946
Daily Pivot Point S1	1.1904
Daily Pivot Point S2	1.188
Daily Pivot Point S3	1.1848
Daily Pivot Point R1	1.1961
Daily Pivot Point R2	1.1992
Daily Pivot Point R3	1.2017

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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