- EUR / USD encounters some sellers in the 1.2060 region.
- There is a minor hurdle at the Fibonacci level at 1.2064.
The EUR/USD it fails to extend Friday’s advance above the 1.2060 region at the beginning of the week. This zone is reinforced by a Fibonacci level (from the November to January rally) at 1.2064.
If the buying momentum picks up, then the EUR / USD is expected to hit the intermediate hurdle at the 55-day SMA at 1.2119 and then another Fibonacci level at 1.2173. An overcoming of the latter 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 in EUR / USD remains unchanged while it is above the critical 200-day SMA, today at 1.1694.
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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