EUR/USD to turn bearish on a break below the 1.2165 support

The EUR/USD pair trades in the 1.2190 price zone after falling to a weekly low of 1.2163. The pair is under pressure on renewed dollar’s demand, as FXStreet’s Chief Analyst Valeria Bednarik notes.

The dollar strengthened but is not yet bullish

“The market’s sentiment on the greenback is mixed, as investors are struggling between buying the dollar on the better US economic performance or sell it on speculation the Federal Reserve will soon start tapering its quantitative easing.”

“A break below the daily low around 1.2165 should favor additional declines toward the 1.2070 price zone.”