EUR/USD: Next Stop, 1.2240? European Reopening, Fed, Fuel The Rally

All in all, there are reasons to expect more rises.

EUR/USD Technical Analysis

(Click on image to enlarge)

Euro/dollar is benefiting from upside momentum on the four-hour chart while the Relative Strength Index (RSI) remains below 70 – thus outside of overbought conditions. The currency pair is trading well above the 50, 100 and 200 Simple Moving Averages, another bullish sign.

EUR/USD has surpassed the previous May peak of 1.2180 and the next level to watch is 1.2225, which capped the pair early in the year. More significant resistance awaits at 1.2240, which was the high point in February. Further above, 1.2280 and 1.2350 are the upside targets.

Support awaits at 1.2150, which was the high point in April. It is followed by 1.2105, 1.2075 and 1.2050.

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