EUR/USD Price Analysis: Bets for a move to 1.20 remain on the rise

EUR/USD clinches new 2021 lows just above the 1.20 mark.
A breach of 1.20 should expose the Fibo level near 1.1970.

Pablo Piovano FXStreet

EUR/USD tumbles further and drops to the vicinity of 1.20 the figure on Wednesday.

Further decline in EUR/USD remains well in the pipeline in the near-term. If the pair clears 1.20, then the next interim support comes in around 1.1970, where is located a Fibo level of the November-January rally).

On the broader picture, the constructive stance in EUR/USD remains unchanged while above the critical 200-day SMA, today at 1.1677.

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 in the longer run.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.2014
Today Daily Change	46
Today Daily Change %	-0.19
Today daily open	1.2037

Trends
Daily SMA20	1.2149
Daily SMA50	1.2148
Daily SMA100	1.1962
Daily SMA200	1.1686

Levels
Previous Daily High	1.2088
Previous Daily Low	1.2012
Previous Weekly High	1.2183
Previous Weekly Low	1.2058
Previous Monthly High	1.235
Previous Monthly Low	1.2054
Daily Fibonacci 38.2%	1.2041
Daily Fibonacci 61.8%	1.2059
Daily Pivot Point S1	1.2003
Daily Pivot Point S2	1.1969
Daily Pivot Point S3	1.1927
Daily Pivot Point R1	1.2079
Daily Pivot Point R2	1.2122
Daily Pivot Point R3	1.2156

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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