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EUR/USD Outlook: Euro Slips On Fresh Dollar’s Strength And Risks Violation Of Psychological 1.20 Level, Daily Cloud Top

The Euro lost ground and fell in early Tuesday’s trading as dollar regained traction in holiday-thinned Asian session.

Traders focus on key US economic data this week for more hints about US monetary policy as accelerating economy may set scene for a rate hike.

Fresh weakness retraced Monday’s gains and pressuring again psychological 1.20 support which guards next pivotal points at 1.1979/77 (Fibo 38.2% of 1.1704/1.2149/daily cloud top), loss of which would add to reversal signals and risk deeper fall.

Bull-trap above 1.2102 barrier ( Fibo 61.8% of 1.2349/1.1704/bear-trendline off 1.2349 peak) continues to weigh, as south-heading 14-d momentum on daily chart is approaching negative territory and supporting fresh weakness.

Res: 1.2026, 1.2051, 1.2075, 1.2097.
Sup: 1.2000, 1.1979, 1.1964, 1.1940.

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