FX.co ★ EUR/USD Price Analysis for 24 February, 2021

EUR/USD is trading flat near 1.2150, having faced rejection at 1.2180 on Tuesday. The pair trades well within Tuesday's indecisive range. Lagarde's comments keep the EUR bulls from cheering Jerome Powell's dovish comments. German data awaited.

EUR/USD price action over the last few days has been biased towards the upside but with little real conviction. The US Dollar side of the pair has produced most of the recent movement, with the greenback's weakness helping EUR/USD back towards 1.2200 and possibly higher. Currently ,the pair's price action doesn't suggest a great deal of volatility, and any further move higher may be more a slow grind than a traditional break of resistance with a burst of volatility.

Support awaits at the daily low of 1.2140, followed by critical support at 1.2110. Further down, 1.2080 and 1.2055 are eyed. On the upside, some resistance is at the daily high, and then at 1.2180, the weekly high. Further above, the upside target is 1.2220.