- EUR/USD sharply reverses part of the recent three-day advance.
- The next bearish zone is the 200-day SMA (1.0812).
He EUR/USD faces strong headwinds and falls back to the 1.0860 zone on Thursday, after the highs near 1.0950 recorded in the previous session.
Despite the daily setback, the current momentum in the pair seems to favor a continuation of the northerly march for now. That being said, there is a temporary headwind at the 55-day SMA at 1.0968, which precedes the key psychological level at 1.1000 and the August high at 1.1064 (August 10).
Should the losses gain further momentum, a pullback to the 200-day SMA today at 1.0812 should not be ruled out.
Meanwhile, the pair is likely to maintain the bullish outlook as long as it stays above the 200-day SMA.
EUR/USD daily chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
