- EUR / USD remains on the range topic above 1.2100.
- Overbought conditions still favor a short-term correction.
The EUR/USD It reverses three consecutive daily pullbacks and returns to the area above the 1.2100 level on Wednesday.
While there is still further consolidation on the charts, the current overbought conditions open the door to a possible knee-jerk reaction in the coming sessions. Against this, the loss of recent weekly lows near 1.2080 could pave the way for a deeper pullback towards the 1.2000 area.
Looking at the broader scenario, the constructive outlook for EUR / USD is forecast to remain unchanged above the critical 200-day SMA, today at 1.1446. The 200-week SMA near 1.1440 also reinforces this view.
Daily chart
Technical levels
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