EUR/USD Price Analysis: A breach of 1.2000 looks unlikely

EUR/USD extends the move lower to the mid-1.2000s.
Further downside faces the 55-day SMA at 1.2037.

Pablo Piovano FXStreet

EUR/USD loses further momentum and visited the early December lows in the 1.2060/55 band, where some support appears to have emerged.

The continuation of the downtrend carries the potential to challenge the psychological support at 1.20 the figure, although a move further south of this level is not favoured in the short-term horizon. Below 1.2000 is located a Fibo level at 1.1976.

On the broader picture, the constructive stance in EUR/USD remains unchanged while above the critical 200-day SMA, today at 1.1602.

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	1.2065
Today Daily Change	33
Today Daily Change %	-0.11
Today daily open	1.2078

Trends
Daily SMA20	1.2213
Daily SMA50	1.2081
Daily SMA100	1.1929
Daily SMA200	1.1611

Levels
Previous Daily High	1.2165
Previous Daily Low	1.2077
Previous Weekly High	1.2227
Previous Weekly Low	1.2077
Previous Monthly High	1.231
Previous Monthly Low	1.1924
Daily Fibonacci 38.2%	1.211
Daily Fibonacci 61.8%	1.2131
Daily Pivot Point S1	1.2048
Daily Pivot Point S2	1.2018
Daily Pivot Point S3	1.196
Daily Pivot Point R1	1.2136
Daily Pivot Point R2	1.2195
Daily Pivot Point R3	1.2225

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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