EURUSD Recovers Bullish Momentum and Targets 1.2200 Marks Following Euro Zone Data

EURUSD Recovers Bullish Momentum and Targets 1.2200 Marks Following Euro Zone Data

EURUSD Price Analysis – February 16

The EURUSD pair continues to trade in multi-day highs and targets the 1.2200 marks during the mid-week. The single currency rises higher and propels the EURUSD in an attempt to run past prior highs. The recently released Eurozone data was upgraded to 0.6% in Q4 while the German ZEW Economic Sentiment beat estimates.

Key Levels
Resistance Levels: 1.2240, 1.2222, 1.2190
Support Levels: 1.2081, 1.2011, 1.1952
EURUSD Long term Trend: Ranging
As seen on the daily chart, the EURUSD lifts higher from the 1.2125 level supported by the MA 5 and it’s likely the exchange rate gains support below at the MA 13 at 1.2088 in the event of a pullback. On the broader picture, the constructive stance in EURUSD stays unaltered while above the critical horizontal level, today at 1.2150.

However, the EURUSD still confronts a tough barrier in the 1.2200 zones ahead of the current price. The rebound from 2021 lows near 1.1952 (Feb. 5) follows the constructive outlook for the pair in the longer run. On the downside, the next support lines are up at 1.2011 followed by 1.1952, and finally 1.1887 low.
EURUSD Short term Trend: Ranging
EURUSD has been struggling to pull out of the MA 5 and 13 regions on the four-hour chart and trades above at 1.2040. The Relative Strength Index is below 60, thus outside overbought conditions and allowing for further gains.

The pair’s next resistance awaits at 1.2190 level, which has capped its price, although more further move beyond the 1.2190 and 1.2222 levels is eyed. Some support is at the low of 1.2118, followed by 1.2081 levels, a swing low from last week. A more significant cushion is at the 1.2050 level.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.