Search ForexCrunch
  • 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