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.

Rekha Chauhan Independent Analyst

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

EUR/USD

Overview
Today last price	1.2235
Today Daily Change	0.0013
Today Daily Change %	0.11
Today daily open	1.2222

Trends
Daily SMA20	1.2093
Daily SMA50	1.197
Daily SMA100	1.2044
Daily SMA200	1.1962

Levels
Previous Daily High	1.2234
Previous Daily Low	1.2151
Previous Weekly High	1.2182
Previous Weekly Low	1.2052
Previous Monthly High	1.215
Previous Monthly Low	1.1713
Daily Fibonacci 38.2%	1.2202
Daily Fibonacci 61.8%	1.2183
Daily Pivot Point S1	1.2171
Daily Pivot Point S2	1.2119
Daily Pivot Point S3	1.2088
Daily Pivot Point R1	1.2254
Daily Pivot Point R2	1.2285
Daily Pivot Point R3	1.2337

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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