EURUSD is trying to settle but the global bullish momentum remains. The fundamental background is quiet. The year 2020 was a bullish year for EURUSD and the decline in the first three weeks of 2021 was considered as a correction pattern for the last year’s growth.
The support rests at 1.20040 with resistance at 1.20550. The weekly pivot point at 1.19490 is located below the lines. The EMA of 10 is moving horizontally in the ascendant channel and it is above EMA of 200 and the EMA of 100. The Stochastic is moving in low ranges, the RSI is moving in overbought area and the ADX is not showing any clear signals. The MACD indicator is in negative territory.
While there are no major reports in the calendar to determine the direction of EURUSD we are staying bullish. 1.20900 can be targeted for buyers. In case of unveiling some bearish signs, EURUSD may decline towards 1.19000.
