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EUR/USD Price Analysis: 23.6% Fib retracement support breached

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  • EUR/USD closed Wednesday below 23.6% Fibonacci retracement of the March to September rally. 
  • The daily chart suggests scope for a decline to 1.15. 

EUR/USD closed Wednesday at 1.1670, breaching the 23.6% Fibonacci retracement level of the uptrend from the March low of 1.0623 to the Sept. 1 high of 1.2011. That Fibonacci level of 1.1687 may now act as resistance. 

The pair is currently trading at 1.1670 amid signs of bullish divergence of the hourly chart relative strength index. As such, the pair may challenge resistance levels at 1.1687 to 1.17, before suffering a deeper drop, as suggested by the head-and-shoulders breakdown seen on the daily chart. 

The 14-day RSI, too, is reporting a bearish bias with a below-50 print. 

Support levels are seen at 1.1495 (March 9 high) and 1.1486 (38.2% Fibonacci retracement). 

A close above the head-and-shoulders neckline level of 1.1770 is needed to invalidate the bearish outlook. 

Daily chart

EUR/USD Price Analysis: 23.6% Fib retracement support breached

Trend: Bearish

Technical levels

EUR/USD

Overview
Today last price 1.1667
Today Daily Change 0.0007
Today Daily Change % 0.06
Today daily open 1.166
Trends
Daily SMA20 1.1827
Daily SMA50 1.1776
Daily SMA100 1.1464
Daily SMA200 1.1231
Levels
Previous Daily High 1.1719
Previous Daily Low 1.1651
Previous Weekly High 1.1901
Previous Weekly Low 1.1738
Previous Monthly High 1.1966
Previous Monthly Low 1.1696
Daily Fibonacci 38.2% 1.1677
Daily Fibonacci 61.8% 1.1693
Daily Pivot Point S1 1.1635
Daily Pivot Point S2 1.1609
Daily Pivot Point S3 1.1567
Daily Pivot Point R1 1.1702
Daily Pivot Point R2 1.1744
Daily Pivot Point R3 1.177

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