Search ForexCrunch

EUR/USD keeps navigating within the recent choppy range, looking to extend further north the ongoing rebound from last week’s monthly lows in the 1.1740/35 band. Target emerges at the 1.19 mark and above, as FXStreet’s Pablo Piovano notes.

Key quotes

“The continuation of the upside momentum in EUR/USD should target recent tops in the 1.1925/20 band (September 10). If the upside impetus gathers extra pace, then the investors’ focus will shift to the August’s peak at 1.1965 ahead of the 2020 high near 1.2010 recorded on September 1.”

“The constructive view on EUR/USD is expected to remain unchanged as long as the critical 200-day SMA, today at 1.1224, holds the downside.” 

“On the opposite side, a breach of monthly lows in the 1.1740 should open the door to a potential deeper retracement to the more relevant contention area in the 1.1700 neighbourhood. A move to the latter, however, remains unfavourable at least in the short-term horizon.”