EUR/USD Price Analysis: Up for a bumpy ride, 1.2280 guards immediate upside

  • EUR/USD edges higher after refreshing the highest levels since January 08.
  • Bullish MACD favor buyers, a confluence of monthly resistance line, mid-December 2020 top test nearby rise.
  • Two-month-old ascending trend line, 21-day SMA become the key supports.

EUR/USD consolidates the jump to a fresh multi-day high of around 1.2250 during the initial Asian session trading on Wednesday. Even so, the quote keeps upside break of February high amid bullish MACD, which in turn backs the pair buyers.

However, a convergence of a one-month-old rising trend line and highs marked during December 17-18, 2020, near 1.2275-80, becomes a tough nut to break for intraday bulls.

It’s worth mentioning that a clear break of 1.2280 isn’t a passport to EUR/USD north-run as end-2020 highs around 1.2310 will probe the major currency pair ahead of directing the optimists to the yearly top surrounding 1.2350.

Meanwhile, a pullback move needs to break February’s top near 1.2245 to retest the early month peaks close to 1.2180.

Though, EUR/USD weakness below 1.2180 will be questioned by an ascending trend line from March 31 and 21-day SMA, respectively around 1.2155 and 1.2135.

EUR/USD daily chart

Trend: Pullback expected

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