EUR/USD Price Analysis: Further rangebound likely while below 1.2190

EUR/USD’s weekly upside lost momentum around 1.2180.
The vicinity of 1.2200 remains a key hurdle for EUR-bulls.

Pablo Piovano FXStreet

EUR/USD’s bullish attempt faltered once again near 1.2180, or multi-day highs, on Wednesday. In this area also converges a Fibo level at 1.2173.

As longs as bulls can’t surpass the 1.2180/90 band in the short-term horizon, further consolidation remains likely. When and If the buying impulse picks up convincing pace and leaves behind this region, selling pressure is expected to mitigate and allow for a probable visit to the YTD highs in the 1.2350 zone.

On the broader picture, the constructive stance in EUR/USD remains unchanged while above the critical 200-day SMA, today at 1.1770.

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	1.2133
Today Daily Change	51
Today Daily Change %	-0.12
Today daily open	1.2147

Trends
Daily SMA20	1.2092
Daily SMA50	1.2155
Daily SMA100	1.2015
Daily SMA200	1.1778

Levels
Previous Daily High	1.218
Previous Daily Low	1.2135
Previous Weekly High	1.217
Previous Weekly Low	1.2023
Previous Monthly High	1.235
Previous Monthly Low	1.2054
Daily Fibonacci 38.2%	1.2152
Daily Fibonacci 61.8%	1.2163
Daily Pivot Point S1	1.2128
Daily Pivot Point S2	1.2109
Daily Pivot Point S3	1.2083
Daily Pivot Point R1	1.2173
Daily Pivot Point R2	1.2199
Daily Pivot Point R3	1.2218

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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