Strong support lines near 1.2130

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  • EUR / USD reverses Tuesday’s advance and returns to levels below 1.22.
  • More fall is expected from a break below 1.2130.

EUR / USD gives up the previous advance to 1.22 and beyond and falls back to the 1.2170 region on Wednesday.

That being said, it appears that the bulls cannot regain control of the markets yet, leaving the door open for the continuation of the bearish leg on the short-term horizon with the next target at weekly lows near 1.2060 (Dec 9, 2020 ).

In the meantime, additional gains are likely in the EUR / USD as long as it is above the key 200-day SMA, today at 1.1584.

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

EUR / USD day chart

EUR/USD

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