EUR/USD Price Analysis: Two-month-old support line defends bulls near 1.2200

EUR/USD struggles to keep late Friday’s bounce off two-week low.
Convergence of 21 and 50-SMA guards immediate upside.
200-SMA adds to the downside filters, MACD eases bearish bias.

Anil Panchal FXStreet

EUR/USD bulls attack 1.2200 amid the early Monday morning in Asia. In doing so, the major currency pair fades the previous day’s bounce off 1.2132 below a convergence of 21 and 50-SMA. However, an upward sloping trend line from March-end joins the recently recovering MACD conditions in favor of buyers to keep bears away.

In addition to 1.2180 trend line support, 200-SMA around 1.2105, adjacent to the 1.2100 round figure also restricts the EUR/USD sellers’ entry.

It’s worth mentioning though that sustained trading below 1.2100 will drag the quote towards the mid-May lows near 1.2050 before highlighting the 1.2000 threshold and the monthly bottom surrounding the 1.1985.

Alternatively, a clear upside break of 1.2210 resistance confluence needs to cross 1.2245 and the monthly high of 1.2266 before targeting the yearly peak close to 1.2350.

In that case, the 1.2300 psychological magnet may offer an intermediate halt to EUR/USD buyers.

EUR/USD four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price	1.2197
Today Daily Change	5 pips
Today Daily Change %	0.04%
Today daily open	1.2192

Trends
Daily SMA20	1.2145
Daily SMA50	1.2013
Daily SMA100	1.2039
Daily SMA200	1.1976

Levels
Previous Daily High	1.2205
Previous Daily Low	1.2133
Previous Weekly High	1.2266
Previous Weekly Low	1.2133
Previous Monthly High	1.215
Previous Monthly Low	1.1713
Daily Fibonacci 38.2%	1.216
Daily Fibonacci 61.8%	1.2177
Daily Pivot Point S1	1.2148
Daily Pivot Point S2	1.2105
Daily Pivot Point S3	1.2076
Daily Pivot Point R1	1.2221
Daily Pivot Point R2	1.2249
Daily Pivot Point R3	1.2293

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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