EUR/USD Price Analysis: Room for a move to 1.2060/50

EUR/USD drops to 3-day lows in the 1.2070/65 band.
The 2021 lows near 1.2050 offer decent support so far.

Pablo Piovano FXStreet

EUR/USD starts the week on the soft side and recedes to the area below the 1.2100 yardstick.

Further decline is expected to meet decent contention in the 1.2050 region, where sits the so far yearly lows (January 18). A deeper pullback carries the potential to challenge the psychological support at 1.20 the figure, although a move further south of this level is not favoured in the short-term horizon. Below 1.2000 is located a Fibo level at 1.1976.

On the broader picture, the constructive stance in EUR/USD remains unchanged while above the critical 200-day SMA, today at 1.1665.

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	1.2099
Today Daily Change	67
Today Daily Change %	-0.30
Today daily open	1.2135

Trends
Daily SMA20	1.2172
Daily SMA50	1.2141
Daily SMA100	1.1958
Daily SMA200	1.1674

Levels
Previous Daily High	1.2156
Previous Daily Low	1.2094
Previous Weekly High	1.2183
Previous Weekly Low	1.2058
Previous Monthly High	1.235
Previous Monthly Low	1.2054
Daily Fibonacci 38.2%	1.2133
Daily Fibonacci 61.8%	1.2118
Daily Pivot Point S1	1.2101
Daily Pivot Point S2	1.2067
Daily Pivot Point S3	1.2039
Daily Pivot Point R1	1.2163
Daily Pivot Point R2	1.219
Daily Pivot Point R3	1.2224

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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