EUR/USD Price Analysis: Decent support lines up near 1.2130

EUR/USD reverses Tuesday’s advance and returns to sub-1.22 levels.
Further decline is seen if 1.2130 is cleared.

Pablo Piovano FXStreet

EUR/USD gives away the earlier advance to 1.22 and beyond and slips back to the 1.2170 region on Wednesday.

That said, it seems bulls can’t regain control of the markets just yet, leaving the door open to the continuation of the leg lower in the short-term horizon with the next target at the weekly lows near 1.2060 (December 9 2020).

In the meantime, extra gains in EUR/USD are likely while above the critical 200-day SMA, today at 1.1584.

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	1.2168
Today Daily Change	62
Today Daily Change %	-0.31
Today daily open	1.2206

Trends
Daily SMA20	1.2228
Daily SMA50	1.2062
Daily SMA100	1.1921
Daily SMA200	1.1592

Levels
Previous Daily High	1.2208
Previous Daily Low	1.2137
Previous Weekly High	1.235
Previous Weekly Low	1.2193
Previous Monthly High	1.231
Previous Monthly Low	1.1924
Daily Fibonacci 38.2%	1.2181
Daily Fibonacci 61.8%	1.2164
Daily Pivot Point S1	1.2159
Daily Pivot Point S2	1.2113
Daily Pivot Point S3	1.2088
Daily Pivot Point R1	1.223
Daily Pivot Point R2	1.2255
Daily Pivot Point R3	1.2301

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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