EUR/USD Price Analysis: Rising bets for a test of 1.2000 (and below)

EUR/USD extends the leg lower to the 1.2030/25 band.
Further decline could see the 1.20 level challenged once again.

Pablo Piovano FXStreet

EUR/USD adds to Wednesday’s losses and flirt with the 100-day SMA near 1.2020.

Despite the ongoing weakness is seen as corrective only, it carries the potential to extend further and challenge the psychological 1.20 yardstick in the near-term. If cleared, a subsequent move to the YTD lows near 1.1950 (recorded in early February) should emerge on the horizon. Below this area, the selling pressure is expected to pick up pace and expose 1.1887 (Fibo level).

On the broader picture, the constructive stance in EUR/USD remains unchanged while above the critical 200-day SMA, today at 1.1804.

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	1.2042
Today Daily Change	40
Today Daily Change %	-0.17
Today daily open	1.2062

Trends
Daily SMA20	1.2097
Daily SMA50	1.2141
Daily SMA100	1.2034
Daily SMA200	1.1813

Levels
Previous Daily High	1.2113
Previous Daily Low	1.2043
Previous Weekly High	1.2243
Previous Weekly Low	1.2065
Previous Monthly High	1.2243
Previous Monthly Low	1.1952
Daily Fibonacci 38.2%	1.207
Daily Fibonacci 61.8%	1.2086
Daily Pivot Point S1	1.2032
Daily Pivot Point S2	1.2002
Daily Pivot Point S3	1.1962
Daily Pivot Point R1	1.2103
Daily Pivot Point R2	1.2143
Daily Pivot Point R3	1.2174

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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