EURUSD defending major support

19/01/2021

The euro continued in its upward trajectory on Tuesday and the EURUSD pair was trading 0.6% stronger during the US session, last seen at around 1.2140.

The region around 1.2060 was and still is the key support for the euro as the medium-term uptrend was converged with December lows there. As long as the pair trades above that support, the bullish outlook still seems valid and relevant. 

On the upside, there are three important resistances and targets for bulls. The first one is at around 1.2170, the second one seems to be near 1.2270, and the last one at the current cycle highs of 1.2340. 

Those levels might be slowly reached if the current bounce gets more bullish momentum.

Alternatively, if the 1.2050/60 support is broken to the downside, the medium-term uptrend could be over, with a possible retrace toward the psychological zone of 1.20. Another support is seen at summer highs of 1.1960.
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