EUR/USD Price Analysis: Stays on the way to mid 1.2000s

EUR/USD stabilizes after the heaviest drop in five weeks.
Key trend line breakdown, bearish MACD favor sellers.
50-day, 100-day SMA join mid-May bottom to lure the bearish bets.

Anil Panchal FXStreet

EUR/USD edges lower around 1.2130 during the early Friday morning in Asia. The currency major pair dropped the most since April’s end the previous day, not to forget breaking an ascending support line from March 31, amid broad US dollar strength.

The stated support break, now resistance, joins the strongest bearish MACD signals in two months to keep sellers hopeful ahead of the key US jobs report.

Although the late April tops and early May levels offer immediate support near 1.2130-25, the EUR/USD bears are inclined to target a confluence of 50-day and 100-day SMA, as well as May 13 low, around 1.2050-45.

It’s worth noting that the 1.2100 threshold can act as an extra filter to the south during the pair’s drop towards the multi-day low.

Alternatively, a corrective pullback will be immediately challenged by the 1.2170-80 area ahead of the stated trend line, around 1.2230.

During the quote’s run-up beyond 1.2230, the monthly peak of 1.2266 and the 1.2300 round figure may test the EUR/USD bulls before directing them to the yearly top near 1.2350.

EUR/USD daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	1.2131
Today Daily Change	-80 pips
Today Daily Change %	-0.66%
Today daily open	1.2211

Trends
Daily SMA20	1.2173
Daily SMA50	1.2034
Daily SMA100	1.2041
Daily SMA200	1.1982

Levels
Previous Daily High	1.2226
Previous Daily Low	1.2164
Previous Weekly High	1.2266
Previous Weekly Low	1.2133
Previous Monthly High	1.2266
Previous Monthly Low	1.1986
Daily Fibonacci 38.2%	1.2188
Daily Fibonacci 61.8%	1.2203
Daily Pivot Point S1	1.2175
Daily Pivot Point S2	1.2138
Daily Pivot Point S3	1.2112
Daily Pivot Point R1	1.2237
Daily Pivot Point R2	1.2263
Daily Pivot Point R3	1.2299

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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