EUR/USD heads towards the critical 1.2170/80 resistance area

The EUR/USD pair is up this Monday, now trading a few pips above Friday’s high at 1.2144, nearing the critical 121.70/80 resistance zone, Valeria Bednarik, Chief Analyst at FXStreet, reports. 

Key quotes

“Germany published the February IFO Business Climate, which improved to 92.4 from a revised 90.3, as expectations and the assessment of the current situation improved by more than anticipated.”

“The EUR/USD pair is bullish in the near-term but approaching the critical 1.2170/80 resistance area, as the pair has been unable to break above it for over a month already.”