Alex Bobrov
⬤ EUR/USD stalled just below the 1.2000 mark after several attempts to push higher were turned away during recent trading. The 1.2000 level proved to be strong resistance, blocking any meaningful continuation to the upside. The one-hour chart shows price rolling over after the rejection, entering what looks like a corrective pullback rather than building momentum for another push higher.
⬤ After getting rejected, EUR/USD drifted lower toward the mid-1.19 area, where several technical factors line up. The 1.1910 zone stands out as potential support, matching up with earlier consolidation patterns and Fibonacci retracement levels nearby. This area has drawn buying interest before and now becomes a key spot to watch if selling pressure continues.
⬤ Even with the rejection at resistance, the overall intraday picture still looks decent. Price is holding above rising trend support from late January, and there's no clear breakdown on the chart yet. Momentum indicators show cooling buying pressure rather than a full bearish reversal, suggesting this is more of a breather after a solid rally than a real shift in direction.
⬤ What happens around 1.1910 matters because it could shape where EUR/USD heads next in the short term. If the pair holds above this level, it would support the idea of a normal pullback after hitting resistance. If it breaks below, deeper retracement levels could come into play. With 1.2000 now clearly acting as a ceiling, price action between these two zones will be crucial for determining the next directional move.
Alex Bobrov
