EUR/USD Price Analysis: Door open for a test of 2021 lows

EUR/USD’s decline breached the key support at 1.20 the figure.
A deeper pullback could reach the 2021 low at 1.1952.

Pablo Piovano FXStreet

EUR/US’s leg lower dropped further and recorded new 4-week lows in the 1.1990 region on turnaround Tuesday.

Despite the ongoing weakness is seen as temporary, it could extend further and attempt to revisit the YTD lows in the mid-1.1900s recorded in early February. Below this area the selling pressure could start to pick up pace, exposing the next target at the Fibo level at 1.1887.

On the broader picture, the constructive stance in EUR/USD remains unchanged while above the critical 200-day SMA, today at 1.1793.

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	1.2023
Today Daily Change	59
Today Daily Change %	-0.18
Today daily open	1.2045

Trends
Daily SMA20	1.2093
Daily SMA50	1.2145
Daily SMA100	1.2028
Daily SMA200	1.1802

Levels
Previous Daily High	1.2101
Previous Daily Low	1.2028
Previous Weekly High	1.2243
Previous Weekly Low	1.2065
Previous Monthly High	1.2243
Previous Monthly Low	1.1952
Daily Fibonacci 38.2%	1.2056
Daily Fibonacci 61.8%	1.2073
Daily Pivot Point S1	1.2014
Daily Pivot Point S2	1.1984
Daily Pivot Point S3	1.1941
Daily Pivot Point R1	1.2088
Daily Pivot Point R2	1.2132
Daily Pivot Point R3	1.2162

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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