EUR/USD Technical Analysis: Bears challenging 3-month old support

Haresh Menghani FXStreet

• The pair extended its recent bearish trajectory and remained under some selling pressure for the sixth straight session, also marking the seventh day of losses in the previous eight.

• The momentum dragged the pair below the 1.1300 handle for the first time in just over two weeks, though bears took a breather near late-Jan. swing lows, around the 1.1290 area.

• The mentioned region coincides with three-month-old support and bearish technical indicators on hourly/daily charts support prospects for an eventual bearish breakthrough.

• A sustained weakness below the said support might act as a key trigger for bearish traders and pave the way for further downside towards challenging the 1.1215 region - Nov. swing lows.

EUR/USD daily chart

EUR/USD

Overview:
    Today Last Price: 1.1308
    Today Daily change %: -0.12%
    Today Daily Open: 1.1322
Trends:
    Daily SMA20: 1.1399
    Daily SMA50: 1.14
    Daily SMA100: 1.1425
    Daily SMA200: 1.1544
Levels:
    Previous Daily High: 1.1353
    Previous Daily Low: 1.132
    Previous Weekly High: 1.1462
    Previous Weekly Low: 1.132
    Previous Monthly High: 1.1586
    Previous Monthly Low: 1.1289
    Daily Fibonacci 38.2%: 1.1333
    Daily Fibonacci 61.8%: 1.134
    Daily Pivot Point S1: 1.1311
    Daily Pivot Point S2: 1.13
    Daily Pivot Point S3: 1.1279
    Daily Pivot Point R1: 1.1343
    Daily Pivot Point R2: 1.1364
    Daily Pivot Point R3: 1.1375

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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