- EUR / USD reached new highs in the vicinity of 1.2150.
- Immediately to the upside is the Fibonacci level at 1.2173.
EUR / USD extended the recent bullish rally, although the bullish attempt found some resistance at the 1.2150 zone, which coincides with the 55-day SMA.
If the bullish momentum gathers strength, then the EUR / USD is expected to reach intermediate resistance at the Fibonacci retracement level (from the November to January rally) at 1.2173. A break above this level should expose the weekly highs near 1.2190 (January 22), above which the selling pressure is expected to ease.
In the bigger picture, the constructive stance of EUR / USD will remain unchanged as long as EUR / USD remains above the critical 200-day SMA, today at 1.1706.
EUR / USD day chart
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