EUR/USD Price Analysis: Not out of the woods yet

EUR/USD stages decent support to the area above 1.0700.
The resumption of the downside could retest 1.0635.

Pablo Piovano FXStreet

EUR/USD rebounds from 2-month lows in the 1.0630 region and reclaims the area just beyond 1.0700 the figure on Thursday.

The pair remains under heavy pressure and a breach of the May low at 1.0635 (May 31) could pave the way to a drop to 1.0600 prior to the March low at 1.0516 (March 15).

A deeper pullback to the 2023 low at 1.0496 (January 6) would likely need a sharp deterioration of the outlook, which appears not favoured for the time being.

Looking at the longer run, the constructive view remains unchanged while above the 200-day SMA, today at 1.0492.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.0706
Today Daily Change	54
Today Daily Change %	0.16
Today daily open	1.0689

Trends
Daily SMA20	1.0841
Daily SMA50	1.0899
Daily SMA100	1.0815
Daily SMA200	1.0494

Levels
Previous Daily High	1.0736
Previous Daily Low	1.0635
Previous Weekly High	1.0831
Previous Weekly Low	1.0702
Previous Monthly High	1.1092
Previous Monthly Low	1.0635
Daily Fibonacci 38.2%	1.0674
Daily Fibonacci 61.8%	1.0697
Daily Pivot Point S1	1.0638
Daily Pivot Point S2	1.0586
Daily Pivot Point S3	1.0537
Daily Pivot Point R1	1.0738
Daily Pivot Point R2	1.0787
Daily Pivot Point R3	1.0838

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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