EUR/USD Price Analysis: Corrective decline could test 1.1700

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  • EUR/USD recedes from recent tops beyond the 1.20 mark.
  • Extra losses could see the 1.17 area re-visited in the near-term.

EUR/USD met a tough resistance in the 1.20 neighbourhood on Tuesday, triggering a correction to the current 1.1850/45 band soon afterwards.

That said, while the leg lower should be deemed as corrective only, it could extend further south and test the key contention region in the 1.1700/1.1690 band (mid-August lows and a Fibo level).

The bullish view on EUR/USD, in the meantime, is expected to remain unchanged as long as the pair trades above the critical 200-day SMA, today at 1.1174.

EUR/USD daily chart

EUR/USD Price Analysis: Corrective decline could test 1.1700

EUR/USD

OVERVIEW
Today last price 1.1856
Today Daily Change 83
Today Daily Change % -0.47
Today daily open 1.1912
 
TRENDS
Daily SMA20 1.1838
Daily SMA50 1.1608
Daily SMA100 1.1312
Daily SMA200 1.1173
 
LEVELS
Previous Daily High 1.2011
Previous Daily Low 1.1901
Previous Weekly High 1.192
Previous Weekly Low 1.1762
Previous Monthly High 1.1966
Previous Monthly Low 1.1696
Daily Fibonacci 38.2% 1.1943
Daily Fibonacci 61.8% 1.1969
Daily Pivot Point S1 1.1872
Daily Pivot Point S2 1.1832
Daily Pivot Point S3 1.1762
Daily Pivot Point R1 1.1982
Daily Pivot Point R2 1.2051
Daily Pivot Point R3 1.2092

 

Reprinted from fxstreet , the copyrights all reserved by the original author.

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