EUR/USD Price Analysis: A move to the 200-day SMA emerges on the horizon

EUR/USD accelerates the decline following the recent breakdown of the psychological 1.2000 hurdle at the end of the week. The current downtrend picked  |  05/03/2021 12:03
  • EUR/USD drops further and approach the 1.19 yardstick.
  • There is a minor support at 1.1887 (Fibo level).

EUR/USD accelerates the decline following the recent breakdown of the psychological 1.2000 hurdle at the end of the week.

The current downtrend picked up extra pace in the past hours and forced EUR/USD to recede to the proximity of 1.19 the figure. Momentum favours extra retracements with the next stop at the Fibo level (of the November-January rally) at 1.1887.

A breach of this level should expose a potential move to the key 200-day SMA, today at 1.1808, and the consequent challenge of the constructive bias.

If the selling impetus gathers further steam, then the pair could test the 2008-2020 support line in the 1.1600 area.

EUR/USD daily chart

 

Share

Popular News

Show More Popular News

TheFXApp's Views

TheFXApp analyses will provide both fundamental and technical comprehensions on finance
and other asset classes for TheFXApp viewers

Back

Login to TheFXApp Account

Your TheFXApp account gives you access to the tools that we offer our customers including our
Technical Studies & Sentiment for your accounts.

Forgot Password?

Don't you have a TheFXApp account? With a few easy steps you can easily register to TheFXApp

Create a TheFXApp's Account

Your TheFXApp account gives you access to the tools that we offer our customers including our Technical Studies & Sentiment for your accounts.

register_ty

Thank you!

Welcome to TheFXApp family!

You have succesfully completed the registration.
We will send you an e-mail to give you some
instructions and our Terms and Conditions!
Our account representatives will be contacting you as
soon as possible. If you have any further questions
please do not hesitate to mail us via info@thefxapp.com