- The EUR / USD flirts with daily highs near 1.2200.
- It will open further higher on a firm break above the 50 HMA.
- The hourly RSI remains bullish, allowing for more gains.
The EUR / USD is fighting a powerful resistance located near the 1.2200 level, having found strong offers just above 1.2150.
The rally in the pair can be attributed mainly to optimism fueled by hopes of an imminent Brexit deal, which has dampened the demand for the US dollar’s safe haven.
The dollar has shrugged off the latest threat from US President Donald Trump to the $ 900 billion covid relief stimulus bill.
Regarding the hourly chart, the price needs a sustained move above the 50 hourly horizontal moving average (HMA) at 1.2203 to unleash a further upside.
The next relevant barrier awaits in 1.2220, which is the HMA of 100 horizontal. Also, buyers will see a test of the psychological level at 1.2250.
On the other hand, the HMA of 200 at 1.2186 protects the immediate drop. A break of the latter level could expose the HMA of 21 at 1.2180.
A sharp decline could be triggered if the bulls fail to resist the damping of the 21 HMA, opening floors for a test of the rising trend line support at 1.2160.
EUR / USD Hourly chart
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.
