EUR/USD Price Analysis: Probing the psychological level of 1.23

• EUR/USD's struggle for a breakout above 1.23 continues. 
• The daily chart shows signs of bull fatigue. 

EUR/USD is trading near the psychological level of 1.23 at press time, having failed to establish a foothold above that level for the fourth straight trading day on Tuesday. 

The repeated rejection above 1.23 indicates uptrend exhaustion and validates the 14-day Relative Strength Index's bearish divergence. 

Quick progress above 1.23 is now needed to keep the broader uptrend going. On the downside, violation of support at 1.2215 (Dec. 31 low) would confirm a temporary bear reversal and shift risk in favor of a drop to sub-1.21 levels. 

Daily chart

Trend: Bullish above 1.23

Technical levels