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EUR/USD Price Analysis: A break below 1.2100 loses traction

FX Street
Updated:
  • EUR/USD adds to recent losses near the 1.2100 mark.
  • Extra consolidation seems likely in the short-term.

EUR/USD extends the downside to the vicinity of 1.21 the figure, where some initial contention turned up.

The inability of sellers to drag the pair further south of the 1.2100 area in the near-term carries the potential to spark some consolidation ahead of the resumption of the bull trend that took EUR/USD to the mid-1.2300s earlier in the month.

On the broader picture, the constructive stance in EUR/USD remains unchanged while above the critical 200-day SMA, today at 1.1596.

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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