The EUR/USD is struggling with the 200 month EMA

The EUR/USD has reached the 200 month EMA around the 1.2300 level as shown on the daily chart. Due to the fact that the 200 period EMA usually becomes a good support or resistance, the pair has been having a hard time trying to break above that level. The closest resistance zone is the 1.2200 level, but the 1.2100 level could also become a good support in case of a bearish correction. Even though the pair has not been able to break above the 200 month EMA, it has been hammering that zone and a bullish breakout could be in the works. Above the 1.2300 level, its next resistance could be the 1.2500 level. For now the bullish trend is still in place, but ready for a possible pullback.