The 1.2100 area is seen holding the downside – DzTechno


  • EUR/USD accelerates the downside well below 1.2200.
  • Bets rise on a probable visit to the 1.2100 neighbourhood.

Sellers regain the upper hand and drag EUR/USD back to the low-1.2100s at the end of the week.

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The continuation of the downtrend looks likely in the very near term at least. That said, a move further south should meet the next contention at the so far monthly lows near 1.2100 the figure.

Extra losses are seen testing the minor support at the 50-day SMA, today at 1.2088 ahead of the Fiibo level at 1.2064.

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 1.1987.

The ongoing correction follows the recent bearish divergence in the daily RSI, as it did not confirm the late May peaks near 1.2270.

EUR/USD daily chart

 

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