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EUR/USD trades within familiar levels around 1.2240, ahead of Wall Street’s opening. The pair has limited bullish scope in the near-term, stuck below the year’s high, FXStreet’s Chief Analyst Valeria Bednarik reports.

Key quotes

“German GFK Consumer Confidence Survey was printed at -7.3 in January, better than the -9.5 forecast. Meanwhile, the US has published the final version of the third quarter Gross Domestic Product, upwardly revised to 33.4% YoY.”

“The EUR/USD pair needs to advance beyond 1.2275 to gain bullish momentum, while dips towards 1.2129, the weekly low, will likely attract buying interest.”