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Beware!!!! FCA issued warning against three unauthorised brokers

EUR/USD Price Analysis: Near 2-Month Low at 1.0750, Indicates Multi-Month Support

WikiFX

| 2023-05-25 13:23

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.

WhatsApp Image 2023-05-25 at 13.22.38.jpg

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:

WhatsApp Image 2023-05-25 at 13.31.08.jpg

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.

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