Technical Analysis: EURUSD aims to revisit 1.1950 amid US dollar strength

Technical Analysis: EURUSD aims to revisit 1.1950 amid US dollar strength

With the multiple failures to clear one-month-old horizontal resistance, EURUSD is ready to drop back to the monthly low near 1.1950. However, the 1.2000 psychological magnet can offer an intermediate halt during the fall. It should also be noted that the EURUSD weakness past-1.1950 needs a stronger US dollar to break November 2020 peak surrounding 1.1920 and recall the 1.1900 level on the charts. The pair’s latest weakness could be traced from the US Treasury yields and the chatters concerning covid relief package from US President Joe Biden.

If at all the EURUSD buyers manage to cross the 1.2050-55 immediate hurdle, Friday’s low near 1.2080 and the 200- SMA level of 1.2133 adds to the upside filters. During the quote’s run-up beyond the key SMA, EURUSD needs to break a six-week-old resistance line, at 1.2160 now, to give buyers’ a fresh right over the bears. Also acting as resistance is the January 22 high near 1.2190 as well as the previous month’s peak near 1.2350.

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