EUR/USD Price Analysis: Rejected above 1.22

• EUR/USD again fails to keep gains above 1.22. 
• The multi-week rising trendline support is still intact.

EUR/USD bulls struggle to establish a foothold above the psychological hurdle of 1.22 for the third consecutive day. 

The pair is currently trading near 1.2188, having printed a high of 1.2208 early today and failed to close above the 1.22 handle on Thursday and Friday. 

The immediate bias would turn bearish, opening the doors for 1.2059 (Dec. 9 low) if the rejection above 1.22 is followed by a downside break of the trendline rising from Nov. 4 lows. At press time, the ascending trendline support is located at 1.2166. 

Alternatively, a 4-hour close above 1.22 would shift risk in favor of a re-test of the recent high of 1.2272 (Dec.18 high). 

Daily chart

Trend: Bearish

Technical levels