- EUR/USD attempts to break above the recent consolidation.
- There is a minor hurdle at the Fibo level near 1.2170.
EUR/USD trades in multi-day highs and approaches the 1.2160 level in the first half of the week.
Next on the upside for EUR-bulls emerges a Fibo level (of the November-January rally) at 1.2173. A decisive surpass of this zone should put the weekly highs near 1.2190 (January 22) back on the radar. The selling pressure should alleviate by then and this could open the door to 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 1.1732.
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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