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EUR/USD Price Analysis: Pullback could extend to 1.2050

FX Street
Updated:
  • EUR/USD sheds further ground below the 1.2200 mark.
  • The mid-1.2000s now emerge as the next area of contention.

The downside pressure in EUR/USD gathers extra steam below 1.2200 the figure.

Bets for further decline now pick up pace with the next stop at the Fibo level at 1.2064 ahead of the more relevant 1.2050 region (low May 13).

On the broader view, the constructive stance on EUR/USD is forecast to remain intact as long as it trades above the 200-day SMA, today at 1.1970.

The move lower follows a bearish divergence in the daily RSI, as the indicator did not confirm recent tops.

EUR/USD daily chart

 

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