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  • EUR/USD resumes the upside following Wednesday’s drop.
  • The 1.1980/90 band emerges as the next target of relevance.

The recovery in EUR/USD remains well and sound despite Wednesday’s small pullback and retracement from new 2-week highs above 1.1900.

Buyers seems in control of the market so far. A decisive breakout of the 200-day SMA in the 1.1880 area should open the door to further gains in the very near-term 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).

Above the 200-day SMA (1.1882) the stance for EUR/USD is expected to shift to positive.

EUR/USD daily chart