EUR/USD Price Analysis: Bulls on the runway to test 1.2250 amid bullish MACD
|- EUR/USD remains on the track to extend gains in the session ahead.
- More gains visible if price decisively breaks above 1.2235.
- Bullish momentum oscillator tilts in favor of the EUR buyers.
The EUR/USD extends the previous day’s gains in the Asian session. The pair moves in a close trading range with a positive bias.
At the time of writing, the EUR/USD pair is trading at 1.2232, up 0.08% on the day.
EUR/USD daily chart
On the daily chart, the pair has been gaining momentum, keeping track of the previous session’s upside gains. The bulls could have a chance to test the first hurdle at the 1.2250 horizontal resistance level if price sustains over the 1.2235 mark.
The major would track back towards January 8 high at 1.2284 then. Bulls will flex their muscle to the January 6 highs in the vicinity of the 1.2350 area.
Alternatively, the Moving Average Convergence Divergence (MACD) indicator trades in the overbought zone with bullish crossover. However, signaling some stretched buying conditions, any downtick could signal a corrective pullback, first toward the 1.2200 horizontal support level, followed by the previous day’s low at 1.2150.
Market participants could be encouraged to retest the 1.2100 horizontal support level placed above the 20-day Simple Moving Average (SMA).
EUR/USD Additional Levels
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