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  • EUR/USD reaches fresh tops in the vicinity of 1.2150.
  • Immediately to the upside comes in a Fibo level at 1.2173.

EUR/USD adds to recent gains, although the bullish attempt met some resistance in the mid-1.2100s for the time being. This zone is coincident with the 55-day SMA.

If the upside impulse gathers further steam, then EUR/USD is expected to meet interim hurdle at the Fibo level (of the November-January rally) at 1.2173. A surpass of this level should expose the weekly highs near 1.2190 (January 22), above which the selling pressure is expected to mitigate.

On the broader picture, the constructive stance in EUR/USD remains unchanged while above the critical 200-day SMA, today at 1.1706.

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