Having closed the past week almost at the 1.1900 level, EURUSD is testing the limits of the bulls already on the first day of the new trading week. We should keep in mind that the 1.19 level represents the lower end of the 1.20 support area that we previously described as pivotal for the uptrend. Tests below 1.19 are possible (and have already happened), but the weekly close on Friday will matter for what happens with EURUSD.

With that said, the pressures are building, nonetheless. If the bears prevail here and take EURUSD through 1.19, then the road toward the next major support area will be clear. That area is at the September/November 2020 lows in the 1.16 price zone. Given the proximity of the 1.15 psychological level (in which proximity the 200-week moving average stands), we can view this support zone as 1.15 – 1.16.

The nearest key resistance to the upside is the former support at the 1.20 level.