- The weekly EUR / USD rise lost momentum around 1.2180.
- The 1.2200 zone remains a key hurdle for the EUR bulls.
The bullish attempt of the EUR/USD it once again failed near 1.2180, or multi-day highs, on Wednesday. A Fibonacci level at 1.2173 also converges in this area.
As long as the bulls cannot break above the 1.2180 / 90 band on the near term horizon, further consolidation is likely. When and if the buying momentum accelerates convincingly and leaves this region behind, the selling pressure is expected to ease and allow a likely visit to the yearly highs in the 1.2350 zone.
In the bigger picture, the constructive stance in EUR / USD remains unchanged while it is above the critical 200-day SMA, today at 1.1770.
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.
Daily chart
Technical levels
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