The EUR/USD was able to turn up even before the turning date on 8 February, working its way up to the resistance zone at USD 1.2170. This resistance level was reached exactly on 16 February. With an ultimately weak trading day, this attack ended and a renewed consolidation followed. This time, however, with a higher low, which led the currency pair back up to the resistance at USD 1.2170 during the past few days. So far, no breakthrough has been achieved and the behaviour at the end of the week remains exciting to observe. A breakout, especially at the weekly close above USD 1.2170, could hold out the prospect of further upside potential to USD 1.2350 in the short term.
A renewed rejection, on the other hand, is likely to cause a setback to at least USD 1.2050. As long as the last reaction low is not undershot in the process, the situation of the further course remains slightly bullish. Below USD 1.2020 on the daily closing, however, one would have to reckon with a more extensive countermovement towards the support of USD 1.1930.
Notice:
Despite careful analysis, Global Investa does not guarantee the content, timeliness, accuracy or completeness of the information provided. In particular, the information provided does not constitute investment advice, a recommendation to buy or investment brokerage and can in no way replace investor and investment advice from a professional investment advisor who takes into account the individual economic circumstances and the level of experience of the customer.
A renewed rejection, on the other hand, is likely to cause a setback to at least USD 1.2050. As long as the last reaction low is not undershot in the process, the situation of the further course remains slightly bullish. Below USD 1.2020 on the daily closing, however, one would have to reckon with a more extensive countermovement towards the support of USD 1.1930.
Notice:
Despite careful analysis, Global Investa does not guarantee the content, timeliness, accuracy or completeness of the information provided. In particular, the information provided does not constitute investment advice, a recommendation to buy or investment brokerage and can in no way replace investor and investment advice from a professional investment advisor who takes into account the individual economic circumstances and the level of experience of the customer.