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EURUSD: another breakout of 1.2150 could extend to 1.12190

The EURUSD pair closed slightly higher on Monday, February 15. The US market was closed in observance of Presidents' Day, so market volatility was lower than average. The price action started near 1.2125, declined briefly to 1.2115, and then rose to 1.2145 during the first half of the session, but stalled at that point, ending the day near 1.2130.

The euro came under pressure from sluggish Eurozone industrial production in December. The reading plunged to -1.6% MoM from 2.6% in November, while the median consensus called for only a -0.6% MoM drop.

The key pair kicked off Tuesday morning trading with strong gains, breaking out of the 1.2150 resistance level, retracing to a high seen on January 29, but quickly reverted to the downside and slid to 1.2130. If the 1.2150 level is breached again, growth to 1.2190 can be expected. An alternative scenario might be a pullback to the 1.2081 support level.

As for today’s key data point, preliminary Eurozone Q4 GDP is due out at 11:00 GMT. The median forecast is calling for a decline of 5.1% YoY and 0.7% QoQ.

EURUSD: another breakout of 1.2150 could extend to 1.12190

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