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  • EUR/USD trades at the highest point in nearly three months. 
  • Acceptance above 101920 will likely invite stronger buying pressure.

EUR/USD is currently trading near Wednesday’s high of 1.1928, the highest level since Sept. 1. 

The pair needs to establish a foothold above the horizontal resistance of 1.1920 – euro turned lower from that level on Nov. 9. 

That would cement the bullish view put forward by the descending triangle breakdown confirmed earlier this month and open the doors for a re-test of 1.2011 (Sept. 1 high). 

A failure to hold above 1.1920 could yield a pullback to the ascending 10-day Simple Moving Average, currently at 1.1870. The pair clocked a high of 1.1928 on Wednesday but closed under 1.1920. 

Daily chart

Trend: Bullish

Technical levels

 

Expert score

5

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