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EUR/USD Price Analysis: Near 2-Month Low at 1.0750, Indicates Multi-Month Support
Abstract：EUR/USD hits 3-month low, signaling a continued downtrend. Reversal below key moving average and breach of previous support levels indicate bearish momentum. Limited downside potential due to weak relative strength indicators. Focus on 6-month support level.
During early Asian trading on Thursday, EUR/USD extended its weakness, reaching a new low not seen since late March and testing the key level of 1.0750. This marks the third consecutive decline for EUR/USD, breaking below the weekly low and the two-month low recorded last week.
It is worth noting that EUR/USD reversed below the 100-day moving average and the MACD signal strengthens the bearish bias. However, the relative strength index (14) is approaching oversold levels, suggesting limited downside potential before further decline.
Therefore, there is a possibility for EUR/USD bears to breach the support at 1.0750 and approach the psychological level of 1.0700. However, the ascending support line since late November 2022, currently around 1.0690, would serve as the target.
If the aforementioned support line is broken, there is a possibility that EUR/USD could target the March low at 1.0515, followed by the annual low near 1.0480 established in January.
On the upside, a daily close above the 100-day moving average at 1.0815 would not necessarily attract bullish momentum, as the key support line from September 2022, currently near 1.0920, is crucial for the entry of bulls.
Afterward, the psychological level of 1.1000 could act as resistance for further upside potential.
Trend: Limited downside potential expected
Key technical levels:
EUR/USD
Overview
Latest Price: 1.0756
Intraday Change: 0.0006
Intraday Change %: 0.06
Opening Price: 1.075
Trend
20-day Moving Average: 1.0916
50-day Moving Average: 1.09
100-day Moving Average: 1.0813
200-day Moving Average: 1.0476
Levels
Previous Day High: 1.0801
Previous Day Low: 1.0748
Last Week High: 1.0904
Last Week Low: 1.076
Last Month High: 1.1095
Last Month Low: 1.0788
Daily Chart 38.2% Fibonacci Retracement Level: 1.0783
Daily Chart 61.8% Fibonacci Retracement Level: 1.0798
Daily Chart Pivot Support 1: 1.0731
Daily Chart Pivot Support 2: 1.0713
Daily Chart Pivot Support 3: 1.0678
Daily Chart Pivot Resistance 1: 1.0784
Daily Chart Pivot Resistance 2: 1.0819
Daily Chart Pivot Resistance 3: 1.0837
*The provided information is for reference purposes only and should not be considered as financial advice or investment recommendation.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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