EUR/USD climbs above 1.2200 for the first time since February as dollar stays sluggish

Technical Analysis

Author: Justin Low | eurusd

EUR/USD moves above 1.2200 for the first time since 25 February

EUR/USD D1 18-05
The dollar continues to slump across the board and now we're seeing the pair start to stretch its muscles on the day. A firm break and close above 1.2200 will bode well for buyers in trying to work their way towards the year's highs around 1.2345-50.

The next key resistance point will be the 25 February high @ 1.2243 though.

For now, it is just a breakdown in dollar sentiment as the technicals start to stretch as well with GBP/USD above 1.4200 and USD/CAD nearing the 1.2000 level.

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