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  • EUR/USD quickly reversed Monday’s uptick to the area just above 1.19.
  • If this level is cleared, then the focus is seen shifting to 1.1920.

EUR/USD regains some upside momentum on Tuesday following another rejection from the 1.19 neighbourhood at the beginning of the week.

If bulls manage to push further and surpass the 1.19 barrier, then the next hurdle of note is located at the monthly tops around 1.1920 (November 9) ahead of the summer’s peak at 1.1965 (August 18). Another visit to the 2020 high past 1.20 the figure is not favoured in the near-term at least.

Looking at the broader scenario, extra gains in EUR/USD are likely while above the critical 200-day SMA, today at 1.1386.

EUR/USD daily chart

 

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