Last week’s developments definitely buried any hopes that the bears may have had for the 1.21 level to hold. The breakout above 1.20 is now officially confirmed, and the weekly technicals turn bullish.

The next resistance level to the upside is 1.22. While this is the February high, there is no other significance to this resistance. Instead, the 1.2350 zone around the pivot highs from January looks like the key resistance in this context. From the chart below, we can also see that the bullishly-looking technicals suggest EURUSD will likely reach this resistance zone in the coming weeks.

The 1.20 zone now turns to key support to the downside. The weekly technicals will remain bullish as long as this support holds.