EUR/USD Price Analysis: Failure near 1.20 prompts a correction

EUR/USD comes down and tests the 1.19 area on Friday.
A drops and test of recent lows near 1.830 is not ruled out.

Pablo Piovano FXStreet

The bull run in EUR/USD met a tough barrier in the vicinity of the psychological 1.20 hurdle in the second half of the week.

The continuation of the offered bias could motivate EUR/USD to attempt another visit of the 2021 lows in the 1.1835/30 band (March 9) in the near-term. This area of lows is reinforced by the proximity of the key 200-day SMA, today at 1.1828.

Below the latter, potential losses are expected to accelerate. That said, the pair could test the 2008-2020 support line in the 1.1600 area. This scenario, however, is not favoured for the time being.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.1917
Today Daily Change	79
Today Daily Change %	-0.60
Today daily open	1.1989

Trends
Daily SMA20	1.2053
Daily SMA50	1.2105
Daily SMA100	1.2043
Daily SMA200	1.1835

Levels
Previous Daily High	1.199
Previous Daily Low	1.1916
Previous Weekly High	1.2113
Previous Weekly Low	1.1893
Previous Monthly High	1.2243
Previous Monthly Low	1.1952
Daily Fibonacci 38.2%	1.1962
Daily Fibonacci 61.8%	1.1944
Daily Pivot Point S1	1.194
Daily Pivot Point S2	1.1891
Daily Pivot Point S3	1.1866
Daily Pivot Point R1	1.2014
Daily Pivot Point R2	1.2039
Daily Pivot Point R3	1.2089

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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