EUR/USD to drop considerably on a break below 1.2125

EUR/USD consolidates around 1.2150 this Tuesday, near the weekly low set at 1.2131. The pair is technically bearish and the corrective decline could continue, Valeria Bednarik, Chief Analyst at FXStreet, reports.

Key quotes

“Demand for the greenback recedes as the market mood improves, although a caution stance persists.”

“The EUR/USD pair is at risk of extending its decline, according to intraday technical readings.”

“Chances of a steeper decline will increase on a break below 1.2125, the immediate support level.”