EURUSD bounced off the resistance at 1.2060

At the end of last week, the EURUSD was trading below the 1.20 level. Nevertheless, buyers managed to regain control on Friday. The rebound was supported by poor data from the US, which led to the weakening of the US dollar. Nevertheless, looking at the H4 interval from a technical point of view, the bulls failed to break above the first major resistance at 1.2060. This level is marked with earlier price reactions and downward trendline. If the current sentiment prevails, another downward impulse towards 1.2000 could be launched. On the other hand, should an upside breakout occur, the price may return to the main uptrend.

EURUSD H4 interval. Source: xStation5

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