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18 Jun 2021

EUR/USD Price Analysis: Bears keep controls below 15-month-old support line

  • EUR/USD holds lower ground near 10-week low, after two-day downtrend.
  • Further losses envisioned on key support break, bearish MACD.
  • 200-day SMA adds to the upside filters, yearly bottom on sellers’ radar.

EUR/USD remains pressured around 1.1910, after breaking a multi-day-old support line the previous day, during early Friday morning in Asia. The pair’s downside break of an ascending support line from March 2020 joins bearish MACD to keep sellers hopeful.

However, sellers await a clear break of the 1.1900 threshold to aim for early March tops near 1.1835.

Following that, multiple tops marked amid late March and initial April month’s trading around the 1.1800 round figure could test the EUR/USD bears before directing them to the yearly low near 1.1700 psychological magnet.

Meanwhile, corrective pullback beyond the support-turned-resistance line near 1.1925-30 needs to cross the 200-day SMA surrounding the 1.2000 level to convince short-term buyers.

It’s worth noting that the early June’s low near 1.2100 and April peak surrounding 1.2150 could test the EUR/USD bulls past 1.2000 before giving them controls.

EUR/USD daily chart

Trend: Bearish

 

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