EURUSD Technical Analysis- Bulls are Active Above 1.20
EUR/USD is one of the most traded currency pairs that represent the US and Eurozone economies. Despite the recent US Dollar strength the price is trading above the 1.20 level with multiple daily closes. Moreover, the recent decision about the Inheritance tax update boosted the price momentum upside.
Let’s have a look at what price may do from the EUR/USD Technical analysis:
April 23, 2021|The Forex Secret – EUR/USD managed to have a daily close above the 1.20 level pointing out further bullishness in the price. Therefore, as long as the price is trading above the 1.20 level, we consider the overall trend and bullish and focus on buy trades only.
In the daily chart, we can see that the price is testing the 1.2061 resistance level. Therefore any rejection from this level would be the intraday selling opportunity for the price. Moreover, if the price closes above the 1.2061 level we may expect the 1.2180 level to be tested. However, as the current sentiment is bearish for the US dollar the bullishness has a higher probability.
Is EURUSD A Buy?
As of the current observation, EURUSD may rebound from the 1.2061 resistance level until the daily candle is below it. Any bullish daily close above this level would create further bullish pressure in the price.