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22 Nov 2022

EUR/USD Price Analysis: Steadies around mid-1.0200s but sellers stay hopeful

  • EUR/USD bears take a breather around one-week low, probes three-day downtrend.
  • Clear downside break of 50-SMA, one-week-old ascending trend line favors bears.
  • RSI conditions, previous resistance line from early October challenge further downside.

EUR/USD struggles to extend the three-day downtrend while making rounds to the lowest levels in a week, around 1.0250, during early Tuesday.

Even so, the major currency pair remains on the bear’s radar as it defends the previous day’s downside break of the 50-bar Simple Moving Average (SMA) and an upward-sloping trend line from November 04.

In addition to the previous support line from early November and the 50-SMA, respectively around 1.0290 and 1.0310 in that order, a one-week-old descending trend line near 1.0345 also challenges the EUR/USD pair buyers.

Should the quote manage to remain firmer past 1.0345, the monthly high near 1.0480 and the late-June peak surrounding 1.0615 will gain the market’s attention.

Alternatively, the resistance-turned-support from October 04, close to 1.0195 by the press time, could restrict the EUR/USD pair’s immediate downside amid nearly oversold conditions of the Relative Strength Index (RSI) placed at 14.

If the EUR/USD bears keep the reins past 1.0195 support level, tops marked during late October around 1.0095 and the 200-SMA level surrounding 0.9970 will be in the spotlight.

To sum up, EUR/USD is likely to witness further downside but there prevails a lesser room to the south.

EUR/USD: Four-hour chart

Trend: Further downside expected

 

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