EUR/USD Price Analysis: Sellers attack 1.1620-15 key support

EUR/USD holds lower grounds inside fortnight-old rising channel formation.
Convergence of Fibonacci retracements, channel’s support restricts immediate downside.
Descending RSI joins double tops around 1.1665-70 to keep bears hopeful.

Anil Panchal FXStreet

EUR/USD fades bounce off 1.1620 amid a quiet start to Friday’s Asian session. In doing so, the major currency pair remains near crucial support confluence following its rejection from an important short-term Fibonacci retracement (Fibo.) level, namely 61.8% Fibo. of September 22 to October 12 downturn.

Given the descending RSI conditions and a double top around 1.1665-70, not to forget sustained trading below 200-SMA, EUR/USD prices are likely to remain weak.

However, the support line of a two-week-old ascending trend channel joins 38.2% Fibonacci retracement of the stated short-term moves, also 23.6% Fibo. level of a decline from early September, restrict the quote’s immediate downside around 1.1620-15.

Hence, a clear break of the stated support level becomes necessary for the EUR/USD bears to aim for the yearly low surrounding 1.1525. Though, the 1.1570 level may act as a buffer during the fall.

Meanwhile, recovery moves remain less important until crossing the 1.1665-70 level. Also challenging the EUR/USD bulls are the 200-SMA level of 1.1675 and the stated channel’s resistance line close to 1.1690.

Should the EUR/USD buyers manage to cross the 1.1690 hurdle, the late September highs near 1.1755 will be in focus.

EUR/USD: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1.1626
Today Daily Change	-0.0025
Today Daily Change %	-0.21%
Today daily open	1.1651

Trends
Daily SMA20	1.1614
Daily SMA50	1.1713
Daily SMA100	1.1806
Daily SMA200	1.1923

Levels
Previous Daily High	1.1659
Previous Daily Low	1.1617
Previous Weekly High	1.1624
Previous Weekly Low	1.1524
Previous Monthly High	1.1909
Previous Monthly Low	1.1563
Daily Fibonacci 38.2%	1.1643
Daily Fibonacci 61.8%	1.1633
Daily Pivot Point S1	1.1626
Daily Pivot Point S2	1.1601
Daily Pivot Point S3	1.1584
Daily Pivot Point R1	1.1668
Daily Pivot Point R2	1.1684
Daily Pivot Point R3	1.1709

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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