EUR/USD Price Analysis: Another visit to 1.2100 should not be ruled out

EUR/USD so far charts an inconclusive session around 1.2150.
Solid contention is expected to turn up near 1.2100.

Pablo Piovano FXStreet

EUR/USD trades within a tight range in the mid-1.2100s as market participants continue to digest Friday’s Nonfarm Payrolls.

A move into a consolidative phase remains a chance in the very near-term, particularly ahead of the key ECB event later this week. In the meantime, the area around 1.2100 is expected to hold the downside should sellers regain the upper hand in the next sessions.

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 1.1981.

EUR/USD daily chart

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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