- EUR/USD fades Friday’s move to the 1.1830 region, 2-week tops.
- A breakout of this area should aim to 1.1917 (September 10).
The buying pressure in EUR/USD met a tough hurdle around 1.1830 at the end of last week. The recent break above the immediate resistance line gave extra momentum to the pair and seems to hold the downside so far.
Extra gains are therefore likely above this hurdle and are forecasted to test the September 10 high in the 1.1915/20 band in the near-term.
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 1.1267.
EUR/USD daily chart
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