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

Omkar Godbole FXStreet Contributor

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

EUR/USD

Overview
Today last price	1.217
Today Daily Change	0.0016
Today Daily Change %	0.13
Today daily open	1.2154

Trends
Daily SMA20	1.2226
Daily SMA50	1.2071
Daily SMA100	1.1924
Daily SMA200	1.1599

Levels
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

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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