- EUR/USD recedes further from Thursday’s monthly tops.
- Initial contention comes in at the 1.2050 zone.
EUR/USD comes under further pressure at the end of the week after recording new peaks for the month of April in the 1.2150 area on Thursday.
As the pair recedes from overbought levels, the fresh selling pressure carries the potential to re-test the 100-day SMA in the mid-1.2000s in the near-term. Further downside could see the 1.2000 support emerging on the horizon.
Above the 200-day SMA (1.1935) the stance for EUR/USD is predicted to remain constructive.
EUR/USD daily chart
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