EUR/USD Price Analysis: Euro prints highest daily close since April 2018

• EUR/USD closed above 1.2178 on Wednesday, signaling a resumption of the rally. 
• Charts show major resistance is lined up above 1.24.

EUR/USD closed Wednesday at 1.2196. The highest daily close in  32-months has invalidated bull fatigue near 1.2170 signaled by long upper wicks attached to daily candles created in the preceding ten days. It has opened the doors for a continuation of the rally from November lows near 1.16. 

A bull flag breakout on the 4-hour chart indicates the path of least resistance to the higher side. So far, a convincing break above 1.22 has remained elusive. The currency pair is currently trading near 1.2194, having rejected at 1.2113 during the overnight trade. 

Resistance is seen at 1.2414 (Aprl 2018 high), followed by 1.2558 (February 2018 high). Support is located at 1.2125 (Wednesday's low), under which, the focus would shift to 1.2011 (Sept. 1 high). 

A move below Wednesday's low of 1.2125 would neutralize the bullish bias. 

Daily chart

Trend: Bullish

Technical levels