The daily chart gives a more detailed view into the recent EURUSD correction lower. We can see how the price broke some technical levels and trendline support and has now started a downside move from the highs.
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The price is now nearing the 1.20 support zone, where also the 55-day moving average currently sits. Some reaction or bounce is likely at this stage, though the pace of the decline suggests the correction can go deeper than 1.20. The 100-day moving average
(orange) and technicals on the weekly chart suggest 1.19 could be the area that EURUSD will soon reach before this correction stops.
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To the upside, there is no clear, strong resistance nearby, but the 1.22 zone needs to hold to keep the corrective move intact. Moderate resistance exists at 1.21 and a stronger zone at 1.2150.