- EUR / USD regains the 1.21 level after bottoming out near 1.2080.
- Overbought conditions still favor a short-term correction.
EUR / USD recovers from Monday’s pullback and climbs back above the 1.2100 region on Tuesday.
The positive outlook on EUR / USD remains unchanged and allows the uptrend to continue in the short term. However, the current overbought conditions open the door for a downward corrective move in the coming sessions.
Meanwhile, a breakout of the recent highs around 1.2180 should pave the way for a test of the round 1.2200 level. Higher up is the April 2018 high at 1.2413, ahead of the March 2018 high at 1.2476.
Looking at the bigger picture, additional gains are likely on the EUR / USD as long as it remains above the 200-day SMA, today at 1.1442. The 200-week SMA, near 1.1440, also reinforces this view.
EUR / USD daily chart
EUR / USD technical levels
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