EUR/USD Price Analysis: Extra losses expected below 1.2080

EUR/USD sticks to the rangebound theme above 1.2100.
Overbought conditions still favour a correction in the near-term.

Pablo Piovano FXStreet

EUR/USD reverses three consecutive daily pullbacks and returns to the area above the 1.2100 yardstick on Wednesday.

While further consolidation remains on the cards, the current overbought conditions open the door to potential knee-jerk in the next sessions. Against this, the loss of recent weekly lows near 1.2080 could pave the way for a deeper retracement to the 1.2000 neighbourhood.

Looking at the broader scenario, the constructive outlook in EUR/USD is forecast to remain unchanged above the critical 200-day SMA, today at 1.1446. The 200-week SMA near 1.1440 also reinforces this view.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.2122
Today Daily Change	48
Today Daily Change %	0.12
Today daily open	1.2107

Trends
Daily SMA20	1.1942
Daily SMA50	1.1836
Daily SMA100	1.1815
Daily SMA200	1.1443

Levels
Previous Daily High	1.2134
Previous Daily Low	1.2095
Previous Weekly High	1.2178
Previous Weekly Low	1.1924
Previous Monthly High	1.2003
Previous Monthly Low	1.1603
Daily Fibonacci 38.2%	1.211
Daily Fibonacci 61.8%	1.2119
Daily Pivot Point S1	1.209
Daily Pivot Point S2	1.2073
Daily Pivot Point S3	1.2051
Daily Pivot Point R1	1.2129
Daily Pivot Point R2	1.2151
Daily Pivot Point R3	1.2167

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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