EUR/USD dips likely to remain supported above 1.2100
Key Highlights
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EUR/USD started a downside correction from the 1.2310 high.
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There was a break below a major bullish trend line at 1.2240 on the 4-hours chart.
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A few important supports on the downside are near 1.2180 and 1.2150.
EUR/USD Technical Analysis
Looking at the 4-hours chart, the pair corrected lower below 1.2280 and 1.2250 support levels. There was also a break below a major bullish trend line with support at 1.2240.
The bears were able to push the pair below the 50% Fib retracement level of the upward move from the 1.2129 swing low to 1.2310 high. On the downside, the first key support is near the 1.2180 level or the 100 simple moving average (red, 4-hours).
The next major support is near the 1.2150, below which EUR/USD could continue to move down towards the 1.2120 level. Any more losses may possibly call for a test of 1.2080 or the 200 simple moving average (green, 4-hours).
On the upside, the previous support at 1.2250 and 1.2265 could act as a resistance. A close above 1.2265 could open the doors for a test of 1.2310 or even higher in the near term.
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