EUR/USD has been extending its gains above 1.21 after US CPI missed estimates with a level of 1.4%. Stimulus talks are out of the spotlight as in Washington amid Trump’s trial. Fed Chair Powell’s speech is awaited.

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EUR/USD traded as low as 1.1950 recently but is now back above 1.2100 and eyeing further gains. The EUR/USD forex market on the daily chart has been reversing up from a 6-week selloff. The rally on Tuesday broke above the bear channel, and back above the Jan. 18 low.

Alongside upside momentum, there seems to be more room for gains. Resistance awaits at 1.2180 resistance zone which coincides with Fibonacci 161.8%. Further above, 1.220 was a significant price cap. The development of the RSI indicator around 50 hints on more room for bullish momentum.

Some support awaits at 1.2070, where the breakout point of the descending trend-line which turn support.Further down, 1.20 and 1.1950 await EUR/USD

The material has been provided by InstaForex Company – www.instaforex.com

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