21-day moving average near 1.2200 limits upside

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  • EUR / USD adds to recent gains and hits 1.2190.
  • Then on the upside, the 2021 peaks appear around 1.2350.

EUR / USD extends the bounce to near 1.2200, where bullish momentum eased a bit on Friday.

The upside wavered around the 21-day SMA at the 1.2190 region. A break above this level should pave the way for a possible move towards the 2021 highs around 1.2350 (Jan 6).

In the bigger picture, the constructive stance of EUR / USD will remain unchanged as long as the price remains above the 200-day SMA, today at 1.1626.

Looking at the monthly chart, the (solid) break of the 2008-2020 trend line is a big bullish event and should support the continuation of the current long-term trend.

EUR / USD day chart

EUR/USD

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