EUR/USD analysis: bearish breakout could result in a test of 1.2100
EUR/USD aims to challenge 1.2200 on persistent dollar's strength
Adding to DXY recovery to 1-month highs and yields' rally to multi-year highs, US equities are baring quite well with the financial turmoil, pushing the EUR/USD pair lower.
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EUR/USD at risk of falling to 1.2100
Another week ends with the EUR/USD pair unable to abandon its comfort zone around the 1.2300 figure. Indeed, intraday trading was a bit more entertained, and some nervous back and forth suggest that it won't be long until a decision is made.
The EUR/USD is stable in the wake of a new week, but its prospects have not improved. The Technical Confluences Indicator shows that stronger clusters of resistance remain to the upside while fewer confluence zones await on the downside.
The pair is struggling around 1.2280, where we see congestion of the Simple Moving Average 5-15m, the SMA50-15m, the Fibonacci 61.8% one-month, the Bolinger Band 15m-Upper (Stdv. 2.2), the BB 1h-Middle, the SMA-5-1hv, the Fibo 23.6%, and the SMA10-1h.
If the pair indeed drops, support is found around 1.2215, the meeting point of the Pivot Point one-week S1 and the one-month low. Even lower, at 1.2155, we find the Pivot Point one-month S1 and the Pivot Point one-week S2.
