EUR/USD: May See A Sharp Acceleration Higher Towards 1.2350 – Citi

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What is the outlook for EURUSD?

Citi notes that EURUSD achieved a bullish daily close yesterday above the pivotal resistance range, with not much in terms of topside levels until 1.2350.

“FX continues to fare better, with traditional correlations to risk assets holding less grip…EURUSD closed at 1.2217 on Tuesday, above the pivotal resistance range we flagged just below the 1.22 handle,” Citi notes.

“CitiFX Technicals flagged that a daily close above this range would trigger a sharp acceleration higher towards the trend high from January 2021 at 1.2349,“Citi adds.

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Kenny Fisher - Senior Writer A native of Toronto, Canada, Kenneth worked for seven years in the marketing and trading departments at Bendix, a foreign exchange company in Toronto. Kenneth is also a lawyer, and has extensive experience as an editor and writer.