EUR/USD Price Analysis: The 1.2100 area is seen holding the downside

EUR/USD accelerates the downside well below 1.2200.
Bets rise on a probable visit to the 1.2100 neighbourhood.

Pablo Piovano FXStreet

Sellers regain the upper hand and drag EUR/USD back to the low-1.2100s at the end of the week.

The continuation of the downtrend looks likely in the very near term at least. That said, a move further south should meet the next contention at the so far monthly lows near 1.2100 the figure.

Extra losses are seen testing the minor support at the 50-day SMA, today at 1.2088 ahead of the Fiibo level at 1.2064.

On the broader view, the constructive stance on EUR/USD is forecast to remain intact as long as it trades above the 200-day SMA, today at 1.1987.

The ongoing correction follows the recent bearish divergence in the daily RSI, as it did not confirm the late May peaks near 1.2270.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.2128
Today Daily Change	71
Today Daily Change %	-0.44
Today daily open	1.2181

Trends
Daily SMA20	1.2186
Daily SMA50	1.2075
Daily SMA100	1.2043
Daily SMA200	1.1989

Levels
Previous Daily High	1.2218
Previous Daily Low	1.2171
Previous Weekly High	1.2254
Previous Weekly Low	1.2104
Previous Monthly High	1.2266
Previous Monthly Low	1.1986
Daily Fibonacci 38.2%	1.22
Daily Fibonacci 61.8%	1.2189
Daily Pivot Point S1	1.2162
Daily Pivot Point S2	1.2143
Daily Pivot Point S3	1.2115
Daily Pivot Point R1	1.2209
Daily Pivot Point R2	1.2237
Daily Pivot Point R3	1.2256

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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