Search ForexCrunch
  • EUR/USD bounces off lows and retakes the 1.1700 mark
  • The rebound could extend further and re-visit the 1.1780 area.

EUR/USD manages to rebound to 3-day highs past 1.1700 the figure on the generalized softer tone around the greenback. The pair needs to clear this area to allow for the continuation of the upside momentum.

Further north awaits a minor hurdle at the 55-day SMA near 1.1780 ahead of the more relevant level at 1.1880, or October’s peak.

Looking at the broader scenario, the bullish view on EUR/USD is expected to remain unchanged as long as the pair trades above the critical 200-day SMA, today at 1.1320.

EUR/USD daily chart