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  • EUR/USD remains on the front foot at the multi-week top.
  • The year 2019 high offers immediate resistance ahead of 50% Fibonacci retracement.
  • Sellers can target January top on the downside break below 100/200-day SMA.

EUR/USD isn’t behind the majors amid the present ex-USD moves that have been taking clues from coronavirus (COVID-19).  The pair recently surged to the highest since February 2019 to 1.1497, currently up 1.27% around 1.1450, during Monday’s Asian session.

With the sustained break above 100 and 200-week SMA confluence, EUR/USD is all gearing up to challenge the year 2019 top surrounding 1.1570.

However, the pair’s further upside could be questioned by 50% Fibonacci retracement of its broad declines from February 2016 to February 2020, near 1.1670.

On the contrary, the pair’s declines below the said SMA confluence close to 1.1350/33 can recall January month high of 1.1239 back to the charts.

EUR/USD weekly chart

Trend: Bullish