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  • EUR/USD rebounds from lows in the mid-1.1800s on Monday.
  • Further upside impulse could see the 200-day SMA re-visited.

EUR/USD manages to regain some composure following earlier lows in the 1.1850/45 band at the beginning of the week.

If the recovery gathers extra steam, then the door could open to a potential re-visit of the 200-day SMA at 1.1992. There is, however, a minor hurdle at a Fibo level at 1.1976.

The outlook for EUR/USD should shift to negative on a sustainable breakdown of the key 200-day SMA. Next weeks are expected to be crucial regarding this issue.  

EUR/USD daily chart