EURUSD trades very close to 1.2200 resistance

Feb 23, 2021

EURUSD managed to touch 1.2177 mark yesterday before pulling back. The currency trades close to 1.2190/1.2200 handle, which is also fibonacci 0.618 retracement of the entire drop between 1.2350 and 1.1950 levels respectively. Bearish divergence is beginning to pop on the RSI and any push through 1.2190/1.2200 might trigger a meaningful selloff. Having said that, please note potential remains for a push through 1.2250 as well before reversing lower. It would be interesting to see whether EURUSD turns lower from here (1.2160/65) or 1.2200/50 mark.

Short against 1.2350, add more @ 1.2200, towards 1.1600