EUR/USD outlook: Bulls eye psychological 1.20 barrier but consolidation may precede final attack
|EUR/USD
The Euro cracked 1.1900 barrier in early Friday's trading and hit the highest in over two years after Thursday's close above key Fibo barrier at 1.1822 (61.8% of 1.2555/1.0635) generated strong bullish signal. Bulls turned focus to psychological 1.20 level, break of which would spark further advance and expose next target at 1.2102 (Fibo 76.4%). The single currency heads for the sixth consecutive week in green, with last two weeks showing strong acceleration higher and for the biggest monthly advance in a decade (5.7%) that confirms strong bullish stance. Bullish technical studies support the advance but consolidation ahead of attack at 1.20 target is very likely. Strongly overbought daily studies and 14-d momentum turning south, support the notion, as traders may collect profits at the end of the week. Broken Fibo level at 1.1822 reverted to strong support, with weekly close above here to bulls intact. Eurozone GDP and US personal spending are highlights on today's economic calendar.
Res: 1.1908; 1.1950; 1.2000; 1.2023
Sup: 1.1835; 1.1822; 1.1796; 1.1730
Interested in EUR/USD technicals? Check out the key levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.