EUR/USD Price Analysis: 1.2140 has emerged as strong support

EUR/USD's downturn from the Jan. 6 high of 1.2349 has stalled with sellers struggling to keep losses below 1.2140.

That level has restricted downside at least three times in the past 72 hours and has neutralized the immediate bearish bias. A positive follow-through in the form of a quick move above 1.2223 (Wednesday's high) would revive the bullish bias and shift risk in favor of a re-test of the recent high of 1.2349. 

Alternatively, a 4-hour close below 1.2140 would revive the bearish view put forward by the daily chart rising wedge breakdown confirmed last week and open the doors for a drop to 1.2050-1.20. 

At press time, the pair is trading near 1.2170, representing a 0.11% gain on the day. 

4-hour chart

Trend: Neutral

Technical levels


Today last price 1.217
Today Daily Change 0.0016
Today Daily Change % 0.13
Today daily open 1.2154
Daily SMA20 1.2226
Daily SMA50 1.2071
Daily SMA100 1.1924
Daily SMA200 1.1599
Previous Daily High 1.2223
Previous Daily Low 1.214
Previous Weekly High 1.235
Previous Weekly Low 1.2193
Previous Monthly High 1.231
Previous Monthly Low 1.1924
Daily Fibonacci 38.2% 1.2172
Daily Fibonacci 61.8% 1.2191
Daily Pivot Point S1 1.2122
Daily Pivot Point S2 1.209
Daily Pivot Point S3 1.2039
Daily Pivot Point R1 1.2205
Daily Pivot Point R2 1.2255
Daily Pivot Point R3 1.2288



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.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD hits fresh one-month low amid souring market mood

EUR/USD has been extending its falls and dips below 1.21 as US retail sales badly disappointed and the worsening mood is supporting the safe-haven dollar. Markets digest Biden's stimulus plan. US Consumer Sentiment declined to 59.2 points. 


GBP/USD retreats toward 1.36 amid fresh dollar strength

GBP/US has pared its gains and falls toward 1.36 as the dollar gains ground. The UK economy shrank by 2.6% in November, better than estimated. The UK is ramping up its vaccination campaign and PM Johnson is pressured to ease the lockdown. 


Gold extends sideways grind near $1,850

The XAU/USD pair registered small daily gains on Thursday but struggled to extend its recovery amid a lack of significant fundamental drivers on Friday. As of writing, the pair was up 0.15% on a daily basis at $1,849.

Gold news

Forex Today: Markets “sell the fact” on Biden's stimulus, dollar rises, retail sales eyed

Markets are on the back foot after Biden hinted about tax hikes while introducing stimulus. The safe-haven dollar is edging higher despite Powell's pledge to keep monetary policy accommodative. 

Read more

DXY breaks above key downtrend, eyes move above 91.00

USD has been strongly supported on what has shaped up to be a very much risk off final trading day of the week. Most G10/USD pairs have seen significant weakness, aside from CHF/USD and JPY/USD, given that the two currencies are also considered “safe havens”.

US Dollar Index News