- EUR/USD traders in a choppy range after bouncing off near-term SMA confluence.
- Normal RSI favors continuation of recovery moves toward October high, monthly peak.
- Bears have multiple challenges before retaking the controls.
EUR/USD seesaws in a choppy range around 1.1800, currently at 1.1807, amid the initial Asian session trading on Friday. The pair bounced off 21-day and 50-day SMA joint the previous day after failing to extend the south-run below one week’s bottom during Wednesday.
With the RSI conditions not being overbought, neither oversold, the EUR/USD prices can continue being modestly positive above the key SMAs.
In doing so, October month’s top of 1.1880 can become the EUR/USD buyers’ immediate choice ahead of the monthly high near 1.1920. Though, the road to 1.2000 psychological magnet, beyond 1.1920, seems a tougher one.
On the contrary, fresh selling awaits a daily closing below 1.1770 while targeting the mid-October low near 1.1690/85.
It should, however, be noted that the September low near 1.1615 and the current month’s low near the 1.1600 round-figure can entertain the EUR/USD sellers afterward.
EUR/USD daily chart
Trend: Further recovery expected
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