EUR/USD Is in a Downward Move After Facing Rejection at Level 1.2000

15 March 2021 | Updated: 15 March 2021

Key Resistance Levels: 1.2200, 1.2300, 1.2400
Key Support Levels: 1.1800, 1.1700, 1.1600

EUR/USD Price Long-term Trend: Bearish
EUR/USD had been in a downtrend. The pair retested levels 1.2200 and 1.2000 and resumed a downward move. On March 9 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. This retracement indicates that the pair will fall to level 2.0 Fibonacci extension or the low of level 1.1559.

EUR/USD -Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping southward indicating the downtrend move. The pair has fallen to level 40 of the Relative Strength Index period 14. This indicates that the EURO is in the downtrend zone and below the centerline 50.

EUR/USD Medium-term Trend: Bearish
On the 4-hour chart, the pair is also falling. On March 2 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The EURO is likely to fall to level 1.618 Fibonacci extensions or the low of level 1.1838.

EUR/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The EUR/USD pair is currently below the 40% range of the daily stochastic. It indicates that the pair is in a bearish momentum. . The SMAs are sloping upward indicating the previous trend.

General Outlook for EUR/USD
The EUR/USD resumes a downward move after facing rejection from level 1.2200. According to the Fibonacci tool, the downtrend is likely to extend to the low of level 1.1559.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.