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  • EUR/USD meets some sellers in the 1.2060 region.
  • There’s a minor hurdle at the Fibo level at 1.2064.

EUR/USD fails to extend Friday’s advance further north of the 1.2060 region at the beginning of the week. This area is reinforced by a Fibo level (of the November -January rally) at 1.2064.

If the buying impetus picks up extra pace, then EUR/USD is expected to meet interim hurdle at the 55-day SMA at 1.2119 and then another Fibo level at 1.2173. A surpass of the latter should expose the weekly highs near 1.2190 (January 22), above which the selling pressure is forecast to mitigate.

On the broader picture, the constructive stance in EUR/USD remains unchanged while above the critical 200-day SMA, today at 1.1694.

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