EUR/USD Price Analysis: The 1.2170 area holds the downside… for now

EUR/USD meets support in the 1.2175/70 band.
The upside is now limited by the 1.2270 region.

Pablo Piovano FXStreet

The downside pressure in EUR/USD looks well contained in the vicinity of 1.2170 for the time being. This area of contention is reinforced by a Fibo level (of the November-January rally and the short-term support line (off March lows).

If bulls regain the upper hand and manage to clear recent tops around 1.2270, there is the rising chance of an assault to the 1.2300 hurdle in the short-term horizon. Further north, another visit to the YTD peaks in the 1.2350 area (January 6) should not be ruled out.

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 1.1969.

Of note, however, is that the daily RSI did not confirm the recent peak, which could be indicative that a deeper pullback could be shaping up.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.2205
Today Daily Change	40
Today Daily Change %	0.11
Today daily open	1.2192

Trends
Daily SMA20	1.2133
Daily SMA50	1.2001
Daily SMA100	1.204
Daily SMA200	1.1973

Levels
Previous Daily High	1.2263
Previous Daily Low	1.2182
Previous Weekly High	1.2245
Previous Weekly Low	1.2126
Previous Monthly High	1.215
Previous Monthly Low	1.1713
Daily Fibonacci 38.2%	1.2213
Daily Fibonacci 61.8%	1.2232
Daily Pivot Point S1	1.2162
Daily Pivot Point S2	1.2131
Daily Pivot Point S3	1.2081
Daily Pivot Point R1	1.2243
Daily Pivot Point R2	1.2293
Daily Pivot Point R3	1.2324

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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