EUR/USD needs to clear the 1.2170/80 resistance level to recover

The EUR/USD pair ends the week where it started, in the 1.2130 price zone, and while it expanded its weekly range, it held within familiar levels. Looking ahead, EUR/USD long-term bullish stance remains firmly in place as bulls are gearing up for another run towards 1.2350, FXStreet’s Chief Analyst Valeria Bednarik informs.

Key quotes

“The next week will bring US January Durable Goods Orders, the only relevant first-tier piece of data and a revision of Q4 GDP. Germany will publish the February IFO survey on Business Climate and the final reading of its Q4 GDP, while the EU will post updates on inflation and Consumer Confidence.”

“Beyond the mentioned 1.2170/80 resistance area, the pair has room to retest January’s high at 1.2349. Gains beyond this last seem unlikely at the time being.” 

“Supports are seen at 1.2060 and 1.1970, both Fibonacci levels. A dip towards the latter will likely attract buyers.”