More weakness will expose 1,2000

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  • EUR / USD fell further, recording new lows in 2021.
  • Psychological support at 1.20 emerges as the next note level.

The EUR / USD extends the bearish tone seen at the beginning of the week and navigates the zone of new lows for the current year around 1.2030.

Now a further EUR / USD slide is in play and is expected to challenge key support at 1.20 in the near term. Further down the Fibonacci level (from the November-January rally) is aligned at 1.1976.

In the bigger picture, the constructive stance of the EUR / USD will remain unchanged while it is above the critical 200-day SMA, today at 1.1671.

Looking at the monthly chart, the solid break of the 2008-2020 line is a big bullish event and should support the continuation of the current long-term trend.

EUR / USD day chart

EUR/USD

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