EUR/USD Price Analysis: Further rangebound likely while below 1.2190
|- EUR/USD’s weekly upside lost momentum around 1.2180.
- The vicinity of 1.2200 remains a key hurdle for EUR-bulls.
EUR/USD’s bullish attempt faltered once again near 1.2180, or multi-day highs, on Wednesday. In this area also converges a Fibo level at 1.2173.
As longs as bulls can’t surpass the 1.2180/90 band in the short-term horizon, further consolidation remains likely. When and If the buying impulse picks up convincing pace and leaves behind this region, selling pressure is expected to mitigate and allow for a probable visit to the YTD highs in the 1.2350 zone.
On the broader picture, the constructive stance in EUR/USD remains unchanged while above the critical 200-day SMA, today at 1.1770.
Looking at the monthly chart, the (solid) breakout of the 2008-2020 line is a big bullish event and should underpin the continuation of the current trend in the longer run.
EUR/USD daily chart
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