EUR/USD Price Analysis: Two-month-old support line defends bulls near 1.2200

EUR/USD bulls attack 1.2200 amid the early Monday morning in Asia. In doing so, the major currency pair fades the previous day’s bounce off 1.2132 below a convergence of 21 and 50-SMA. However, an upward sloping trend line from March-end joins the recently recovering MACD conditions in favor of buyers to keep bears away. In addition to 1.2180 trend line support, 200-SMA around 1.2105, adjacent to the 1.2100 round figure also restricts the EUR/USD sellers’ entry. It’s worth mentioning though that sustained trading below 1.2100 will drag the quote towards the mid-May lows near 1.2050 before highlighting the … (full story)

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