EUR/USD to extend the fall towards the 1.830 zone

EUR/USD remains under pressure and approaches 1.1900. Further decline targets the 200-day SMA at 1.1831, FXStreet’s Pablo Piovano reports.

Key quotes

“The US economic outperformance narrative continues to lend support to the buck, although it faces strong opposition from the view of the strong rebound in the economic activity overseas and its consequent support to the risk-associated complex.”

“Extra pullbacks in EUR/USD appears on the cards against the current backdrop, with the immediate target at the 1.1830 region. In this contention area converges the 2021 lows (1.1835) and the critical 200-day SMA (1.1831). If this zone is cleared, then there is interim support at a Fibo level (of the November-January rally) at 1.1762.”

“In case bulls regain the upper hand, last week’s highs around 1.1990 emerge as the next hurdle of note ahead of the psychological hurdle at 1.2000.”