EUR/USD Price Analysis: Rising Bets For A Test Of 1.2000 (And Below)

EUR/USD adds to Wednesday’s losses and flirt with the 100-day SMA near 1.2020.

Despite the ongoing weakness is seen as corrective only, it carries the potential to extend further and challenge the psychological 1.20 yardstick in the near-term. If cleared, a subsequent move to the YTD lows near 1.1950 (recorded in early February) should emerge on the horizon. Below this area, the selling pressure is expected to pick up pace and expose 1.1887 (Fibo level).

On the broader picture, the constructive stance in EUR/USD remains unchanged while above the critical 200-day SMA, today at 1.1804.

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

 

Disclosure: Information on this article contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.