EURUSD Selling Gains Traction Beneath 1.2050 on Anticipated US Data

1 March 2021 | Updated: 1 March 2021

EURUSD Price Analysis – March 1

The EURUSD pair topped near 1.2101 early on Monday during the European session and started a fresh decline. The currency pair looks south faces the probability of increased selling traction towards the 1.2020 levels during the session. The expected release of US- ISM may likely show robust growth in the industrial sector, boosting USD-strength.

Key levels
Resistance Levels: 1.2350, 1.2240, 1.2150
Support Levels: 1.2011, 1.1952, 1.1887
EURUSD Long term Trend: Ranging
As seen on the daily, EURUSD dives to new multi-day lows, after extending the recent breakdown beneath the moving average 5 and 13 around the level at 1.2100. This opens the door to a deeper pullback and a potential re-test of the psychological support around the 1.20 mark. The underlying bullish sentiment in the euro remains threatened beneath the 1.2100.

At the moment, the pair is losing 0.24% at 1.2040 and faces immediate contention at 1.2011 (low Feb. 2) followed by 1.2000 marks and finally 1.1952 level (2021 low Feb. 5). On the upside, a breakout of the 1.2190 level may approach the 1.2240 (2021 Feb .25) en route to 1.2350 levels.
EURUSD Short term Trend: Bearish
Meanwhile, the intraday bias in EURUSD is mildly on the downside for the moment. The breach of 1.2022 ascending trendline support may validate the start of the third phase, towards a 100% forecast of 1.2350 to 1.1952 levels from 1.2240 at 1.1887 levels. On the upside, above 1.2150 minor resistance level may alter intraday bias neutral first.

An initial support on the downside is near the 1.2011 zones. The next key support is near the 1.2000 marks. Any more losses might call for a test of the 1.2350 extension level of the upward move from the 1.2011 low level to 1.2240 high at 1.1952 low level.

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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.