EURUSD is testing a must-hold level today at 1.2150.
That’s the level that served as resistance during the first half of December and later flipped to support.
As I mentioned on Saturday, a daily close below 1.2150 would open the door to the 1.2000 area.
That’s the top of the multi-month range that broke in December.
Only a close below 1.2000 would flip my bias from bullish to bearish.
As long as the EURUSD is above that area, I like the idea of buying dips.
Keep in mind, too, that the euro is still in its early stages of breaking out from a massive symmetrical triangle.
As long as EURUSD is carving higher highs and lows following the July 2020 breakout, the uptrend is intact.
That said, I don’t see an immediate opportunity to get long.
I’m still holding a long position from November 27th, although I have removed some of that position.
If the pair closes below 1.2150, I will book profit on the rest.