FX.co ★ EUR/USD Price Analysis for 12 March, 2021

• EUR/USD comes down and tests the 1.19 area on Friday.
• A drops and test of recent lows near 1.830 is not ruled out.

The bull run in EUR/USD met a tough barrier in the vicinity of the psychological 1.20 hurdle in the second half of the week.

EUR/USD is trading closer to 1.19, falling as US yields rise amid elevated expectations for the US economy. Investors are unconvinced by the ECB's message and worried about Europe's slow vaccination campaign.

Fresh weakness raises fears that near-term correction off 1.1835 (March 9 low) might be over, with today's close below Fibonacci 38.2% to add to negative near-term signals and shift focus lower.Support awaits at 1.1925, which capped the pair early in the week. It is then followed by 1.1895, a temporary cushion and finally by 1.1836, the 2021 trough.

On the flip side, only firm break above 1.20 zone would neutralize downside risk and open way for stronger correction. Resistance awaits at 1.1990, the weekly high and also a support line seen early in March. It is followed by 1.2025 and 1.2050.