EUR/USD Price Analysis: The next major resistance is still some way off at 1.2042

EUR/USD monthly chart

EUR/USD has had an impressive run of late but on Friday it was some of the other major counterparts that outperformed against the greenback. Looking at the chart below, the price has continued on its upward trajectory since breaking the downward sloping trendline on the monthly chart.

The next major resistance zone on the chart is marked by the red line and resides at the 1.2042 level. This would mean the 1.20 psychological level would need to be broken first. Beyond that 1.25 looks firm too but the key red zone would need to be broken first.

The MACD indicator has just made a positive move. The histogram has just turned positive and the signal lines also look to be making a move past the midpoint. The Relative Strength Index is above the 50 area but there is still space to move into the overbought zone. 

Next week there are some key data points to watch. The US non-farm payroll jobs report is out at the end of the week and before that, there are some PMI releases that could inspire some volatility. 

Additional levels