- EUR / USD is under some pressure near 1.2100.
- Immediately to the upside is a Fibonacci level at 1.2173.
It appears that the bullish momentum of the EUR / USD is being exhausted at the 1.2150 region so far this week.
If the bulls manage to break above this region, the EUR / USD is expected to encounter a minor hurdle in the Fibonacci retracement of the November-January move at 1.2173. An overcoming of this level should expose the weekly highs close to 1.2190 reached on January 22, above which the selling pressure is expected to decrease a bit.
In the bigger picture, the constructive stance in EUR / USD remains unchanged as long as it remains above the 200-day SMA, today at 1.1719.
Looking at the monthly chart, the (solid) breakout of the 2008-2020 line is a big bullish event and should support the continuation of the current long-term trend.
EUR / USD daily chart
EUR / USD technical levels
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
