February 1, 2023

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EUR/USD tests 1.2000 level as dollar continues to keep firmer on the session

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EUR/USD falls to a low of 1.2000 on the day

EUR/USD D1 04-05

The dollar continues to keep a firmer footing in European trading as EUR/USD eases lower to 1.2000 for the first time since 22 April. This puts some focus on the support region around 1.1993-98 as well as the 1.2000 handle in general.

A break below that will put the focus on the 38.2 retracement level of the April swing move higher @ 1.1980 before getting to the 200-day moving average (blue line) @ 1.1940.

So far, the dollar is not letting up since the start of the session as it continues to push forward with gains as the technical bias stays in the greenback’s favour.

For EUR/USD buyers, staying above 1.2000 will be key but that is only the first step in trying to regain control in the pair.

The 100-day moving average (red line) @ 1.2050 continues to pose a firm challenge to any topside momentum as well as the key hourly moving averages @ 1.2072-78.

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