EUR/USD All Set To Break Double-Top, One Factor Could Hold It Back

All in all, optimism may push the currency pair – at least until US yields bite.

EUR/USD Technical Analysis

(Click on image to enlarge)

Euro/dollar has been struggling with the 200 Simple Moving Average on the four-hour chart and trades above the 50 and 100 SMAs. The Relative Strength Index is below 70, thus outside overbought conditions and allowing for further gains.

Critical resistance awaits at 1.2150, which has capped EUR/USD on Tuesday and also last week – a double-top. Further above, 1.2190 and 1.2225 are eyed.

Some support is at the daily low of 1.2125, followed by 1.2080, a swing low from last week. A more significant cushion is at 1.2055.

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