EUR/USD Outlook: Bulls have the upper hand above 1.2000, Eurozon

From a technical perspective, the pair's inability to find acceptance above the 50% Fibonacci level of the 1.2345-1.1704 downfall and repeated failure near the 100-day SMA warrant some caution for bullish traders. That said, resilience below the 1.2000 mark makes it prudent to wait for some strong follow-through selling before positioning for any further depreciating move. Sustained weakness below now seems to drag the pair towards the 38.2% Fibo. level, around the 1.1955 zone. This might now act as a strong base, which if broken decisively might turn the pair vulnerable to accelerate the slide towards the 1.1900 mark en-route the 23.6% Fibo. level, around the 1.1855-45 zone.

On the flip side, the 1.2070-80 region might continue to act as immediate strong resistance. This is closely followed by the 61.8% Fibo. level, around the 1.2100 mark. A sustained move beyond now seems to accelerate the move towards the 1.2165 supply zone before bulls eventually aim to reclaim the 1.2200 mark.