EUR/USD Price Analysis: 50-DMA probes monthly support break around 1.2100

EUR/USD seesaws between 50-DMA and monthly resistance, previous support.
Downward sloping Momentum line, descending channel keep sellers hopeful.
Bulls have a bumpy road ahead unless crossing May’s top.

Anil Panchal FXStreet

EUR/USD defends the 1.2100 threshold while taking rounds to 1.2110 during Monday’s Asian session. The pair dropped below an ascending support line from May 13. However, 50-day SMA (DMA) restricts the quote’s short-term downside.

Although descending Momentum line backs the trend line breakdown to favor EUR/USD sellers, a clear break of the 50-DMA level of 1.2100 becomes necessary to confirm the further weakness of the quote. Also acting as a downside filter is the support line of a three-week-old falling channel, near 1.2070.

In a case where the quote remains pressured below 1.2070, May 13 low around 1.2050 and 200-day SMA close to 1.1995 become the key supports to watch.

Meanwhile, the corrective pullback will be probed by the previous support line near 1.2130, a break of which should direct EUR/USD buyers towards the stated channel’s resistance line, at 1.2200.

Even if the currency major pair manages to cross 1.2200 on a daily closing, the previous month’s high near 1.2265 acts as an extra barrier to the north.

EUR/USD daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1.2111
Today Daily Change	0.0003
Today Daily Change %	0.02%
Today daily open	1.2108

Trends
Daily SMA20	1.2187
Daily SMA50	1.2082
Daily SMA100	1.2043
Daily SMA200	1.1991

Levels
Previous Daily High	1.2193
Previous Daily Low	1.2093
Previous Weekly High	1.2218
Previous Weekly Low	1.2093
Previous Monthly High	1.2266
Previous Monthly Low	1.1986
Daily Fibonacci 38.2%	1.2131
Daily Fibonacci 61.8%	1.2155
Daily Pivot Point S1	1.2069
Daily Pivot Point S2	1.2031
Daily Pivot Point S3	1.1969
Daily Pivot Point R1	1.217
Daily Pivot Point R2	1.2232
Daily Pivot Point R3	1.227

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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