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  • The FOMC-led sharp rebound on Wednesday lifted EUR/USD to fresh multi-week highs near 1.1450, fully reversing at the same time the March pullback.
  • The up move, however, run out of steam ahead of the 5-month resistance line, today at 1.1416, which continues to offer a tough resistance. This resistance zone is reinforced by the 50% Fibo retracement of the 2017-2018 rally, at 1.1448.
  • Spot needs to clear this important area to allow for a potential test of the critical 200-day SMA at 1.1481 ahead of the 1.1500 neighbourhood.

EUR/USD daily chart