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  • EUR/USD resumes the downside after bottoming out near 1.1790.
  • The monthly peaks around 1.1880 offers an initial test for EUR-bulls.

It seems the upside momentum in EUR/USD has returned to the markets after Thursday’s negative price action.

EUR-bulls now face the immediate resistance at the monthly top around 1.1880 (October 21). Further north the September 10 high near 1.1920 ahead should return to the investors’ radar ahead of the August top at 1.1965. Another visit to the 2020 high beyond the critical 1.20 the figure in the immediate term is not favoured for the time being

Looking at the broader scenario, the positive view on EUR/USD is predicted to remain unaltered above the critical 200-day SMA, today at 1.1297.

EUR/USD daily chart