EUR/USD fails to push higher
EUR/USD’s downtrend line from the highs of 2 January continues to hold. We have seen rallies so far this morning peter out around $1.2040, so a close above here on the hourly chart would signal a wider bullish move.
If the trendline continues to hold, the lows of the week just above $1.20 would come into play. The rising trendline from the December lows has yet to be tested, with this requiring a move down towards $1.1970.