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EUR/USD Price Analysis: Bets for a move to 1.20 remain on the rise

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Updated:
  • EUR/USD clinches new 2021 lows just above the 1.20 mark.
  • A breach of 1.20 should expose the Fibo level near 1.1970.

EUR/USD tumbles further and drops to the vicinity of 1.20 the figure on Wednesday.

Further decline in EUR/USD remains well in the pipeline in the near-term. If the pair clears 1.20, then the next interim support comes in around 1.1970, where is located a Fibo level of the November-January rally).

On the broader picture, the constructive stance in EUR/USD remains unchanged while above the critical 200-day SMA, today at 1.1677.

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

 

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