Home EUR/USD Price Analysis: Corrective downside sees a probable test of 1.1500
FXStreet News

EUR/USD Price Analysis: Corrective downside sees a probable test of 1.1500

  • EUR/USD leaves behind recent tops in the 1.1780 region.
  • The 1.15 area now emerges as a potential next stop for bears.

EUR/USD recorded new 22-month peaks in the 1.1780 region on Monday, extending the move further into the overbought territory.

The ongoing technical retracement could re-test the June peak at 1.1495 ahead of the Fibo level at 1.1448. The underlying bullish bias, however, is expected to remain unchanged with potential target at the 1.1815/52 band, where converge the September/June 2018 highs.

Looking at the broader picture, as long as the 200-day SMA, today at 1.1076, holds the downside, further gains in EUR/USD remains well on the table.

EUR/USD weekly chart

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.