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EUR/USD Technical Analysis: Drops to one-week low, tests 50% Fibo. level support

• The pair extended its intraday rejection slide from 50-day SMA and dropped to one-week lows, further below mid-1.1300s during the mid-European session on Monday.

• A sustained break through 200-hour SMA – for the first time in nearly two weeks, was seen as a key trigger for bearish traders and behind the latest leg of a downfall.

• Meanwhile, the recent price action, wherein the pair repeatedly failed to sustain/build on its momentum beyond the 1.1400 handle, clearly points to persistent selling bias.

• The pair has now dropped to 50% Fibo. level of the 1.1234-1.1420 recent up-move, with bearish oscillators on 4-hourly/daily charts adding credence to the negative outlook.

• However, technical indicators on the 1-hourly chart are already pointing to slightly oversold conditions and warrant some consolidation before the next leg of depreciating move.

EUR/USD 1-hourly chart


Today Last Price: 1.1333
Today Daily change: -32 pips
Today Daily change %: -0.28%
Today Daily Open: 1.1365
Daily SMA20: 1.1344
Daily SMA50: 1.1391
Daily SMA100: 1.1387
Daily SMA200: 1.1508
Previous Daily High: 1.1409
Previous Daily Low: 1.1353
Previous Weekly High: 1.1422
Previous Weekly Low: 1.1328
Previous Monthly High: 1.1489
Previous Monthly Low: 1.1234
Daily Fibonacci 38.2%: 1.1375
Daily Fibonacci 61.8%: 1.1388
Daily Pivot Point S1: 1.1342
Daily Pivot Point S2: 1.132
Daily Pivot Point S3: 1.1287
Daily Pivot Point R1: 1.1398
Daily Pivot Point R2: 1.1431
Daily Pivot Point R3: 1.1453