EUR/USD Price Analysis: Corrective downside could extend to 1.2040

EUR/USD remains offered and trades in 3-day lows.
Further south comes in the 100-day SMA near 1.2040.

Pablo Piovano FXStreet

EUR/USD accelerates the sell-off to the 1.2070 region on Wednesday.

If the selling impetus picks up further pace, then the pair could attempt to re-visit the 1.2040 zone, where is located the 100-day SMA. There is, however, a minor contention area around 1.2060, where coincide the 20-day SMA and a Fibo level (of the November-January rally).

The constructive stance on EUR/USD is forecast to remain intact as long as it trades above the 200-day SMA, today at 1.1949.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.2094
Today Daily Change	81
Today Daily Change %	-0.45
Today daily open	1.2149

Trends
Daily SMA20	1.206
Daily SMA50	1.1951
Daily SMA100	1.2047
Daily SMA200	1.1954

Levels
Previous Daily High	1.2182
Previous Daily Low	1.2123
Previous Weekly High	1.2172
Previous Weekly Low	1.1986
Previous Monthly High	1.215
Previous Monthly Low	1.1713
Daily Fibonacci 38.2%	1.2159
Daily Fibonacci 61.8%	1.2145
Daily Pivot Point S1	1.2121
Daily Pivot Point S2	1.2093
Daily Pivot Point S3	1.2062
Daily Pivot Point R1	1.2179
Daily Pivot Point R2	1.221
Daily Pivot Point R3	1.2238

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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