EUR/USD Price Analysis: Initial support lines up at 1.2030/20

• EUR/USD comes under pressure following tops near 1.2240.
• The 1.2030/20 band offers interim contention in the near-term.

The rally in EUR/USD bumped into a tough barrier at the 1.2240 region on Thursday, sparking quite a moderate correction afterwards to the 1.2090 zone.

Further downside cannot be ruled out in the very near-term, with interim contention emerging in the 1.2030/20, where converge the immediate support line (off the November lows) and the February 17 lows.

On the broader picture, the constructive stance in EUR/USD remains unchanged while above the critical 200-day SMA, today at 1.1782.

Looking at the monthly chart, the (solid) breakout of the 2008-2020 line is a big bullish event and should underpin the continuation of the current trend in the longer run.

EUR/USD daily chart