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  • EUR/USD reverses the initial optimism and returns to 1.2150/40.
  • Further north is located the 2021 peak at 1.2349 (January 6).

EUR-bulls failed once again to push EUR/USD past the 1.2180/90 band at the beginning of the week.

This area of resistance is also reinforced by the 21-day SMA, today at 1.2191. A break above this level should pave the way for a potential move to 2021 tops around 1.2350 (January 6).

On the broader picture, the constructive stance in EUR/USD remains unchanged while above the critical 200-day SMA, today at 1.1626.

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