EUR/USD Price Analysis: A deeper pullback stays on the cards

EUR/USD tests the 21-day SMA around 1.2210 on Friday.
Extra losses could extend to the 1.2130 region.

Pablo Piovano FXStreet

EUR/USD extends further the downside momentum, testing and rebounding from the 21-day SMA near 1.2210 on Friday.

Against this, the corrective downside in EUR/USD could have further legs to go and a move lower to the weekly low at 1.2129 (December 21) should not be ruled out in the short-term horizon.

In the meantime, extra gains in EUR/USD are likely while above the critical 200-day SMA, today at 1.1564.

Looking at the monthly chart, the (solid) breakout of the 2008-2020 line is a big bullish event and should underpin the continuation of the current trend.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.2248
Today Daily Change	59
Today Daily Change %	-0.15
Today daily open	1.2266

Trends
Daily SMA20	1.222
Daily SMA50	1.203
Daily SMA100	1.1909
Daily SMA200	1.1572

Levels
Previous Daily High	1.2344
Previous Daily Low	1.2245
Previous Weekly High	1.231
Previous Weekly Low	1.2181
Previous Monthly High	1.231
Previous Monthly Low	1.1924
Daily Fibonacci 38.2%	1.2283
Daily Fibonacci 61.8%	1.2307
Daily Pivot Point S1	1.2226
Daily Pivot Point S2	1.2186
Daily Pivot Point S3	1.2126
Daily Pivot Point R1	1.2325
Daily Pivot Point R2	1.2384
Daily Pivot Point R3	1.2424

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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