- EUR / USD extends the bounce near 1.2150.
- Immediately to the upside is the 1.2170 region as the next target.
EUR / USD manages to rally above the 1.2100 level on Thursday. The move meets the initial hurdle at the 55-day SMA near 1.2150.
Higher up is minor resistance near 1.2170, where a Fibonacci level and weekly highs converge. A break out of this area could lead to a likely visit to the weekly highs near 1.2190 (Jan 22). Selling pressure is expected to ease above the latter level, allowing a possible test of the yearly highs in the 1.2350 area.
In the bigger picture, the constructive stance in EUR / USD remains unchanged as long as it remains above the 200-day SMA, today at 1.1750.
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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