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EUR/USD Price Analysis: Extra losses remain on the table

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Updated:
  • EUR/USD trades on a flat mood around 1.2150.
  • Extra losses could extend to the 1.2050 region.

EUR/USD fades the earlier bullish attempt and returns to the 1.2150 zone, up marginally for the day.

That said, it seems bulls can’t regain control of the markets just yet, leaving the door open to further corrective downside in the short-term horizon with the next target at the weekly lows near 1.2060 (December 9 2020).

In the meantime, extra gains in EUR/USD are likely while above the critical 200-day SMA, today at 1.1577.

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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