EUR/USD Price Analysis: Solid contention is located near 1.1770

• EUR/USD bounces off recent lows in the 1.1780 area.
• The 2020-2021 support line holds the downside so far.

EUR/USD manages to find dip-buyers and trades in new 2-day peaks near 1.1850 in the second half of the week.

The prospect for further decline looks unchanged in the very near term. Against that, there is a tough contention area in the 1.1770 zone, where coincides a Fibo level and the 2020-2021 support line.

Further out, the near-term outlook for EUR/USD is seen on the negative side while below the key 200-day SMA, today at 1.1999.

EUR/USD daily chart