EUR/USD Price Analysis: Decent support emerges at 1.2060/50

EUR/USD reverses the initial pessimism and regains 1.21 and above.
Interim resistance is located at the Fibo level at 1.2173.

Pablo Piovano FXStreet

EUR/USD leaves behind the initial weakness and manages to advance past the 1.2100 mark on Thursday.

Immediately to the upside aligns the key resistance zone around 1.2180/90, where converges the 21-day SMA, a Fibo retracement of the November-January rally and weekly highs. A surpass of this region on a sustainable fashion is need to allow for a move to the 2021 tops near 1.2350 (January 6).

On the broader picture, the constructive stance in EUR/USD remains unchanged while above the critical 200-day SMA, today at 1.1652.

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	1.2129
Today Daily Change	61
Today Daily Change %	0.20
Today daily open	1.2105

Trends
Daily SMA20	1.218
Daily SMA50	1.213
Daily SMA100	1.1952
Daily SMA200	1.1661

Levels
Previous Daily High	1.217
Previous Daily Low	1.2058
Previous Weekly High	1.219
Previous Weekly Low	1.2054
Previous Monthly High	1.231
Previous Monthly Low	1.1924
Daily Fibonacci 38.2%	1.2101
Daily Fibonacci 61.8%	1.2127
Daily Pivot Point S1	1.2052
Daily Pivot Point S2	1.1999
Daily Pivot Point S3	1.1941
Daily Pivot Point R1	1.2164
Daily Pivot Point R2	1.2223
Daily Pivot Point R3	1.2275

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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