Technical Analysis: EURUSD bulls can ignore US CPI-led above 1.1970

Technical Analysis: EURUSD bulls can ignore US CPI-led above 1.1970

EURUSD consolidates recent losses during early Thursday while staying above the key support line from March 31, not to forget 200-SMA. Considering the RSI bounce off oversold levels, the pair buyers are likely saved for now. Hence, the run-up towards 1.2125 and the monthly peak surrounding 1.2180 can't be ruled out. Though, any further upside beyond 1.2180 needs to cross the 1.2200 threshold before challenging the yearly top of 1.2348.

Meanwhile, 1.2065 acts as immediate support ahead of the stated trend line figures of 1.2050. Additionally, the monthly low of 1.1985 and the 200-SMA level of 1.1970 could test EURUSD bears afterward. It should, however, be noted that the pair’s downside below 1.1970 makes it vulnerable to revisit the area comprising mid-1.1800s.

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