Today we will once again turn our attention to the EUR/USD.
The euro has been very weak since the beginning of the new year, while the US dollar has gained strength. The chart picture looks accordingly. At the end of 2020, the EUR/USD was still trading at 1.2309. However, a low of 1.1952 was marked on February 5, 2021. Thus, the EUR/USD has dropped nearly 4 cents in a month.
However, it seems as if the euro has regained its footing, as we are currently trading just above the 1.21 level.
A look at the chart reveals that the market was able to find many new buyers at the 50 Fibonacci correction level at 1.1974. On the downside, we see a stable upward trend. The next hurdle is at 1.2157. The EUR/USD should get support at 1.2060 at the latest.