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EUR/USD Price Analysis: Extra gains target the 2018 high near 1.2550

FX Street
Updated:
  • EUR/USD corrects lower following new tops just below 1.2100.
  • Interim hurdles come in at 1.2413 and 1.2476.

EUR/USD looks to extend Tuesday’s strong advance but falters just ahead of the 1.2100 yardstick on Wednesday.

The firm note in EUR/USD remains unchanged and allows for the continuation of the uptrend in the near-term. That said, interim resistance levels are located at 1.2413 (April 2018 high) ahead of 1.2476 (March 2018 high). Further north is located the 2018 high in the mid-1.2500s.

Looking at the broader scenario, extra gains in EUR/USD are likely while above the critical 200-day SMA, today at 1.1420. The 200-week SMA at 1.1436 also reinforces this view.

EUR/USD daily chart

 

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