- EUR / USD is trying to break above the recent consolidation.
- There is a minor hurdle in a Fibonacci retracement near 1.2170.
EUR / USD is trading at multi-day highs and is approaching the 1.2160 level in the first half of the week.
The next resistance for the EUR bulls appears at a Fibonacci retracement of the November-January move at 1.2173. A decisive break out of this zone should put the January 22 highs near 1.2190 back on the radar. The selling pressure should ease by then and this could open the door to a likely visit to the yearly highs in the 1.2350 zone.
In the bigger picture, the constructive stance in EUR / USD remains unchanged as long as it remains above the 200-day SMA, today at 1.1732.
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
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