Bulls now target the 1.1900 zone

  • EUR/USD appears to have met an interim hurdle at 1.1845.
  • Extra strength could extend to the 1.1900 area in the near term.

EUR/USD reverses the initial dip to sub-1.1800 levels and manages to extend the rally for the fourth consecutive session so far on Wednesday.

In light of the recent price action, extra gains remain well on the cards in the pair. The immediate target now emerges at the July/August peaks just past 1.1900. Above this area there is an interim hurdle at the 100-day SMA, today at 1.1953 ahead of the 1.2000 neighbourhood, where also sits the critical 200-day SMA.

In the meantime, the near-term outlook for EUR/USD is seen on the negative side while below the key 200-day SMA, today at 1.2001.

EUR/USD daily chart


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