EUR/USD Technical Analysis: Hits 3-week lows, bears back in control ahead of ECB

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   •  After repeated rejections near 200-period SMA on the 4-hourly chart, the pair dropped to near three-week lows in reaction to today’s disappointing Euro-zone PMI prints.

   •  Meanwhile, the occurrence of a death cross on the mentioned chart, wherein 50-period SMA has crossed below 200-period SMA, indicates the potential for a major selloff.

EUR/USD 4-hourly chart

   •  The pair has also moved on the brink of confirming a bearish breakthrough over two-month-old descending trend-channel amid expectations of a more dovish shift by the ECB.

Daily chart

   •  Technical indicators on 4-hourly/daily charts have been gaining negative traction, reinforcing the bearish set-up and increasing prospects for an extension of the bearish trajectory.

   •  However, oversold conditions on the 1-hourly chart warrant some consolidation ahead of the key event risk – the latest ECB monetary policy update, due to be announced today.

EUR/USD

Overview:
    Today Last Price: 1.1338
    Today Daily change %: -0.39%
    Today Daily Open: 1.1382
Trends:
    Daily SMA20: 1.1426
    Daily SMA50: 1.1391
    Daily SMA100: 1.1456
    Daily SMA200: 1.1589
Levels:
    Previous Daily High: 1.1396
    Previous Daily Low: 1.1351
    Previous Weekly High: 1.1491
    Previous Weekly Low: 1.1353
    Previous Monthly High: 1.1486
    Previous Monthly Low: 1.1269
    Daily Fibonacci 38.2%: 1.1378
    Daily Fibonacci 61.8%: 1.1368
    Daily Pivot Point S1: 1.1357
    Daily Pivot Point S2: 1.1331
    Daily Pivot Point S3: 1.1312
    Daily Pivot Point R1: 1.1402
    Daily Pivot Point R2: 1.1421
    Daily Pivot Point R3: 1.1447

 

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