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  • EUR/USD extends the bull run to the proximity of the 1.1900 yardstick.
  • The 1.1980/90 band emerges as the next target of relevance.

The strong recovery in EUR/USD challenges the key 200-day SMA in the 1.1880 region on Wednesday.

Buyers appear to have returned to the market and push the pair further north of the 200-day SMA. If the upside impulse picks up extra pace, then the 1.1980/90 region should return to the radar. In this area converge the mid-March peaks, the 50-day SMA and a Fibo level (of the November-January rally).

Above the 200-day SMA (1.1879) the stance for EUR/USD is expected to shift to positive.

EUR/USD daily chart