- EUR / USD extends the weekly bounce to 1.2120.
- Next in relevance is the 1.2200 region.
The EUR/USD It resumes the upside on a firm tone, quickly forgetting the minor pullback on Monday and regaining the 1.2100 barrier and higher on Tuesday.
If the bullish momentum gathers strength, then the EUR / USD is expected to hit the intermediate hurdle at the Fibonacci level (from the November to January rally) at 1.2173. An overcoming of 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 the EUR / USD remains unchanged while it is above the critical 200-day SMA, today at 1.1699.
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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