EUR/USD Price Analysis: The 1.2000 level is expected to hold for now

EUR/USD tested and rebounds from the 1.2030/20 area.
The recovery faces the next hurdle near 1.2100.

Pablo Piovano FXStreet

EUR/USD manages to bounce off Wednesday’s lows in the vicinity of 1.2020, regaining the 1.2070/75 so far.

The pair now flirts with a Fibo level in the 1.2060/65 band. A break above of this area could lead to a probable visit to the key 1.2100 level in the very near-term.

If bulls return to the markets, the recent tops around 1.2170 line up as an interim hurdle. This area is also reinforced by another Fibo retracement. Further up comes in the weekly highs near 1.2190 (January 22). The selling pressure should alleviate above the latter, opening the door to 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 1.1744.

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	1.2072
Today Daily Change	41
Today Daily Change %	0.25
Today daily open	1.2042

Trends
Daily SMA20	1.2099
Daily SMA50	1.2156
Daily SMA100	1.2
Daily SMA200	1.1753

Levels
Previous Daily High	1.2112
Previous Daily Low	1.2023
Previous Weekly High	1.215
Previous Weekly Low	1.202
Previous Monthly High	1.235
Previous Monthly Low	1.2054
Daily Fibonacci 38.2%	1.2057
Daily Fibonacci 61.8%	1.2078
Daily Pivot Point S1	1.2006
Daily Pivot Point S2	1.197
Daily Pivot Point S3	1.1917
Daily Pivot Point R1	1.2095
Daily Pivot Point R2	1.2148
Daily Pivot Point R3	1.2184

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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