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  • EUR/USD struggles to leave behind the 1.19 level.
  • Further gains are expected to test the 1.1980/90 band.

EUR/USD extends the rangebound theme in the upper end of the recent range near 1.1900.

The rebound from YTD lows near 1.1700 (March 31) appears to have met quite a solid resistance in the low-1.1900s so far. A sustainable breakout of the 200-day SMA (1.1892) should open the door to further upside with the next target at the 1.1980/90 region. In this area converge the mid-March peaks, the 50-day SMA and a Fibo level (of the November-January rally). A surpass of this area allows for a move to the key 1.2000 hurdle.

Above the 200-day SMA (1.1892) the stance for EUR/USD is expected to shift to positive.

EUR/USD daily chart