- EUR/USD managed to briefly surpass the 1.16 mark on Wednesday.
- Attention now shifts to the October 2019 highs near 1.1620.
EUR/USD reached new highs in just beyond 1.16 the figure in past hours, paving the way for the continuation of the move up in the very short-term.
While overbought conditions might spark some correction lower in the near-term, the underlying bullish bias remains unchanged. That said, the next hurdle is now located at the October 2019 peaks in the 1.1620/25 band.
Looking at the broader picture, as long as the 200-day SMA, today at 1.1067, holds the downside, further gains in EUR/USD remains well on the table.
EUR/USD weekly chart
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