EUR/USD Price Analysis: Still room for a deeper retracement
|- EUR/USD adds to Tuesday’s weakness below the 1.2200 mark.
- The next support of note emerges around 1.2130.
EUR/USD adds to Wednesday’s losses and re-visits the 1.2180/75 band on Thursday.
The continuation of the downtrend looks likely while below the short-term resistance line (off March lows) near 1.2220 and does not face any support of relevance until last week’s lows in the 1.2130 zone (May 28).
On the broader view, the constructive stance on EUR/USD is forecast to remain intact as long as it trades above the 200-day SMA, today at 1.1978.
The ongoing correction follows the recent bearish divergence in the daily RSI, as it did not confirm the recent peaks near 1.2270.
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.