EUR/USD Price Analysis: Extra rangebound not ruled out

EUR/USD trades on a weak note near weekly lows.
Immediate downside pressure looks mitigated above 1.2220/30.

Pablo Piovano FXStreet

EUR/USD adds to weekly losses and challenges the key support in the 1.2130 region on Thursday.

The continuation of the ongoing consolidation should not be discarded just yet. If bears fail to send EUR/USD further south of the 1.2130 region ideally in the near-term, then the pair could see its upside pressure restored and, with it, a probable new visit to the 2021 peaks in the mid-1.2300s.

In the meantime, extra gains in EUR/USD are likely while above the critical 200-day SMA, today at 1.1590.

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	1.2143
Today Daily Change	36
Today Daily Change %	-0.09
Today daily open	1.2154

Trends
Daily SMA20	1.2226
Daily SMA50	1.2071
Daily SMA100	1.1924
Daily SMA200	1.1599

Levels
Previous Daily High	1.2223
Previous Daily Low	1.214
Previous Weekly High	1.235
Previous Weekly Low	1.2193
Previous Monthly High	1.231
Previous Monthly Low	1.1924
Daily Fibonacci 38.2%	1.2172
Daily Fibonacci 61.8%	1.2191
Daily Pivot Point S1	1.2122
Daily Pivot Point S2	1.209
Daily Pivot Point S3	1.2039
Daily Pivot Point R1	1.2205
Daily Pivot Point R2	1.2255
Daily Pivot Point R3	1.2288

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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