- EUR / USD is trading defensively near the 1.20 level.
- Other downside targets point to the 200-day SMA at 1.1939.
EUR / USD quickly reversed Monday’s rally and redirects attention lower, particularly to the key 1.2000 zone.
The continuation of the bearish leg is faced with initial support at the Fibonacci level (from the November-January rally) at 1.1976. Lower down is the more relevant 200-day moving average at 1.1939.
Below the 200-day SMA (1.1937), the position of the EUR / USD is considered to turn negative.
EUR / USD day chart
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