- Euro rises for the fourth day in a row against the dollar.
- EUR / USD tests resistance at 1.1870 and then it would be expected to test 1.1900.
The EUR / USD lost momentum after rising to 1.1870, the highest level in a month, and began to retreat, finding support above 1.1840. It is trading at 1.1860, approaching the highs for the day, against a background of dollar weakness.
The greenback does not find support in the very short term despite the rise in Treasury bond yields. This movement occurs in view of the expectation generated by the continuity of the negotiations for more tax incentives.
In Europe, attention is focused on the announcements of new restrictions on movement with the possible impact on the economy and the talks between the European Union and the United Kingdom over the Brexi.
From a technical point of view, EUR / USD bullish bias is firm. It is testing resistance at 1.1870, which if broken would put 1.1900 on the radar. Immediate support is seen at 1.1840 and below at 1.1820. In case of extending the retracement below this last level, it could go to 1.1800 which is key, since if it loses this level, the short-term moment would stop favoring the euro.
Credits: Forex Street
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