EUR/USD Price Analysis: A deeper pullback likely on a breach of 1.2100

EUR/USD trades within a narrow range above 1.2100 ahead of the Fed.
There is a minor support at the Fibo level near 1.2060.

Pablo Piovano FXStreet

EUR/USD sticks to the rangebound theme for yet another session above the 1.2100 mark on Wednesday.

Further upside has so far met a decent hurdle at the 1.2150 zone, coincident with the 10-day SMA. The resumption of the downtrend remains likely if spot does not clear this area in the near term.

In that case, a break below recent lows in the 1.2100/1.2090 band could pave the way for extra losses in the short-term horizon, with the minor support at 1.2064 (Fibo level). So far, the 50-day SMA just above 1.2100 also reinforces this support zone.

A move above the weekly highs around 1.2220 should expose monthly peaks near 1.2270 (May 25). Above this region, the pair should resume the upside bias and target the 1.2300 yardstick.

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 1.1991.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.2116
Today Daily Change	20
Today Daily Change %	-0.09
Today daily open	1.2127

Trends
Daily SMA20	1.2185
Daily SMA50	1.2095
Daily SMA100	1.2042
Daily SMA200	1.1994

Levels
Previous Daily High	1.2147
Previous Daily Low	1.2101
Previous Weekly High	1.2218
Previous Weekly Low	1.2093
Previous Monthly High	1.2266
Previous Monthly Low	1.1986
Daily Fibonacci 38.2%	1.213
Daily Fibonacci 61.8%	1.2119
Daily Pivot Point S1	1.2103
Daily Pivot Point S2	1.2079
Daily Pivot Point S3	1.2057
Daily Pivot Point R1	1.2149
Daily Pivot Point R2	1.2171
Daily Pivot Point R3	1.2195

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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