EUR/USD Price Analysis: Bulls seem tired around mid-1.2100s

EUR/USD trades indecisive after refreshing one-week high the previous day.
Monday’s Doji, downbeat Momentum line favor sellers targeting 1.2085-80 support confluence.
Four-month-old horizontal resistance acts as the key upside barrier.

Anil Panchal FXStreet

EUR/USD fades late Monday’s recovery moves while taking rounds to 1.2150 amid the initial Asian session on Tuesday. In doing so, the quote remains inside the 110-pip trading range but a Doji candlestick and downward sloping Momentum line favor sellers.

It should, however, be noted that the major currency pair needs to stay below 1.2170 to justify the bearish formation. Though, a run-up beyond the 1.2170 hurdle will have a limited upside as multiple resistances since late January stand tall to test the EUR/USD bulls around 1.2180-90.

Even if the EUR/USD prices rally beyond 1.2190, the 1.2200 and February’s high near 1.2245 will be the key to watch.

Meanwhile, the 1.2100 threshold can entertain short-term sellers ahead of challenging the EUR/USD bears with a 1.2085-80 support confluence comprising 21-day SMA and an ascending support line from March 31.

Should the quote drops below 1.2080, the 1.2000 round-figure may stop further downside, if not then the monthly low near 1.1985 can act as an extra downside filter.

EUR/USD daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.2155
Today Daily Change	5 pips
Today Daily Change %	0.04%
Today daily open	1.215

Trends
Daily SMA20	1.2078
Daily SMA50	1.1958
Daily SMA100	1.2045
Daily SMA200	1.1957

Levels
Previous Daily High	1.215
Previous Daily Low	1.2071
Previous Weekly High	1.2182
Previous Weekly Low	1.2052
Previous Monthly High	1.215
Previous Monthly Low	1.1713
Daily Fibonacci 38.2%	1.212
Daily Fibonacci 61.8%	1.2101
Daily Pivot Point S1	1.2097
Daily Pivot Point S2	1.2044
Daily Pivot Point S3	1.2018
Daily Pivot Point R1	1.2177
Daily Pivot Point R2	1.2203
Daily Pivot Point R3	1.2256

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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