Home EUR/USD Price Analysis: Further rangebound likely while below 1.2190
FXStreet News

EUR/USD Price Analysis: Further rangebound likely while below 1.2190

  • EUR/USD’s weekly upside lost momentum around 1.2180.
  • The vicinity of 1.2200 remains a key hurdle for EUR-bulls.

EUR/USD’s bullish attempt faltered once again near 1.2180, or multi-day highs, on Wednesday. In this area also converges a Fibo level at 1.2173.

As longs as bulls can’t surpass the 1.2180/90 band in the short-term horizon, further consolidation remains likely. When and If the buying impulse picks up convincing pace and leaves behind this region, selling pressure is expected to mitigate and allow for a probable visit to the YTD highs in the 1.2350 zone.

On the broader picture, the constructive stance in EUR/USD remains unchanged while above the critical 200-day SMA, today at 1.1770.

Looking at the monthly chart, the (solid) breakout of the 2008-2020 line is a big bullish event and should underpin the continuation of the current trend in the longer run.

EUR/USD daily chart

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.