EUR/USD Price Analysis: Downside pressure mitigated above 1.2190

• EUR/USD comes under some pressure near 1.2100.
• Immediately to the upside comes in a Fibo level at 1.2173.

It seems the upside momentum in EUR/USD runout of steam in the 1.2150 region so far this week.

If bulls manage to clear this region, then EUR/USD is expected to meet a minor hurdle at the Fibo level (of the November-January rally) at 1.2173. A surpass of this level should expose the weekly highs near 1.2190 (January 22), above which the selling pressure is expected to alleviate somewhat.

On the broader picture, the constructive stance in EUR/USD remains unchanged while above the critical 200-day SMA, today at 1.1719.

Looking at the monthly chart, the (solid) breakout of the 2008-2020 line is a big bullish event and should underpin the continuation of the current trend in the longer run.

EUR/USD daily chart