The pair tested major support but succeeded to bounce and currently is trading slightly above it at 1.2106. The 1.2100 level is considered as extremely significant due to the fact that it represents highs from 2015 and 2017. On one hand this cound be good tirning point with possible further move towards 1.2155 and then 1.2200. But on the other hand breaking below it would open doors for steeper decline with initial target the psychological 1.2000 handle.
EUR/USD continues to slide towards the downside having crossed the 1.20 handle. The pair broke trough several significant technical levels during last two weeks and now its seems that bears are aming the 2018 low around 1.19.
EUR/USD is on wait and see mode ahead of US CPI and is trading undisturbed around 1.1880. The pair might generate a rebound, according to indicators on H4, but only if advacing above 1.1900. Then this could be considered as a corrective recovery with next targets 1.1950 and the psychological 1.1200 mark. On the other hand the pair stands at risk for further declines with a break and close below the 1.1810 - 1.1790 area.
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