Need to get above the 1.2202-11 area still The EURUSD is ticking back higher… a bit. There was a headline from a source that the ECB was unlikely to shift policy in March (as expected) but may discuss dropping easing bias. The EURUSD ticked up on the headlline
Technically, the picture remains mixed (but trying to build a more bullish look).
For the bulls/buyer, the price failed on the break below the lower trend line and below the January 18 low.
What needs to happen for the bulls, however, is get back above the 1.2202-11 area. Earlier today the price moved to 1.2213 and reversed.
We are in that 1.2202-11 area right now as I type.
IF the pair is to go higher, a move above would be more bullish and would target 1.22346 (the broken 38.2%). A move above will also reestablish the 1.2202 level (call it 1.2200) risk for longs).