EUR/USD Price Analysis: EUR/USD is about to hit a 12 year trendline!

• EUR/USD has moved another 0.32% higher on Wednesday as the greenback suffers yet again. 
• The price is headed to a massive trendline spanning 12 years.

EUR/USD monthly chart

EUR/USD has been on some run of late rising 1.24% this week. The weakness in the dollar has been attributed to the way the country has handled the COVID-19 pandemic and the change in risk sentiment. Of all the currency pairs to move in to, the EUR could possibly be the next best out of the G6 although AUD is performing well too. The Eurogroup also recently agreed on a rescue plan for some of the worst-hit members of the 27-member state group. 

Looking at the chart below, it seems that there is no stopping the EUR at the moment. Only 3 months ago the price was testing 1.0750 and the rise has been pretty drastic. The potential stumbling blocks for the pair are ahead as there are some pretty strong zones coming up. The first would be the black downward sloping trendline. The price could meet the level at around 1.1650 if the bullishness continues for the rest of the week. Above that, the blue horizontal line at 1.1877 could be an interesting zone as it was a previous support area from mid-2010. 

The MACD histogram has just turned green. The signal lines are still under the zero level which is still bearish but they are pointing higher. The Relative Strength Index has now moved above the 50 mid-point which is bullish and there is lots of room for the indicator to move higher.

Additional levels