Home EUR/USD Price Analysis: Scope for further recovery to 1.2190
FXStreet News

EUR/USD Price Analysis: Scope for further recovery to 1.2190

FX Street
Updated:
  • EUR/USD extends the weekly rebound to 1.2120.
  • Next of relevance emerges the 1.2200 region.

EUR/USD resumes the upside on a firm note, quickly forgetting about Monday’s minor pullback and reclaiming the 1.2100 barrier and above on Tuesday.

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 1.1699.

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.

WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision.  The information on this website is general in nature, so you must consider the information in light of your objectives, financial situation and needs. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. Crypto promotions on this site do not comply with the UK Financial Promotions Regime and is not intended for UK consumers. This website is free for you to use but we may receive a commission from the companies we feature on this site.

© forexcrunch.com All Rights Reserved 2017 – 2024