EUR/USD Price Analysis: Initial support lines up at 1.2030/20
|- EUR/USD comes under pressure following tops near 1.2240.
- The 1.2030/20 band offers interim contention in the near-term.
The rally in EUR/USD bumped into a tough barrier at the 1.2240 region on Thursday, sparking quite a moderate correction afterwards to the 1.2090 zone.
Further downside cannot be ruled out in the very near-term, with interim contention emerging in the 1.2030/20, where converge the immediate support line (off the November lows) and the February 17 lows.
On the broader picture, the constructive stance in EUR/USD remains unchanged while above the critical 200-day SMA, today at 1.1782.
Looking at the monthly chart, the (solid) breakout of the 2008-2020 line is a big bullish event and should underpin the continuation of the current trend in the longer run.
EUR/USD daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.