EUR/USD Price Analysis: Upside now targets the 200-day SMA
|- EUR/USD hits new 2021 lows in the 1.1760 zone.
- The 200-day SMA near 1.1860 now emerges as the next hurdle.
EUR/USD’s weekly decline appears to have met a decent contention in the 1.1760 area, coincident with a Fibo level (of the November-January rally).
The recent breakdown of the 200-day SMA (1.1854) allows sellers to remain well in control of the sentiment surrounding the European currency, increasing the likelihood of further losses in the short-term horizon.
Below recent YTD lows around 1.1760 there are no relevant support levels until the November 2020 lows in the 1.1600 zone.
While below the 200-day SMA the short-term stance for EUR/USD is expected to remain negative.
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.