- EUR / USD finds resistance at the 1.2265 / 70 band.
- Then, to the upside, the 1.2300 hurdle emerges.
EUR / USD is under slight downward pressure after making a new monthly high on Tuesday near 1.2270.
If the latter is overcome in the short term, then there is the possibility of a test to the 1.2300 barrier on the short term horizon. Above, another visit to this year’s highs in the 1.2350 area (Jan 6 high) should not be ruled out.
Further gains are still supported by the short term support line (from March lows) around 1.2160. In a broader perspective, the constructive stance of the EUR / USD is forecast to remain intact, as long as it trades above the 200-day SMA, today at 1.1968.
However, it is noteworthy that the daytime RSI did not confirm the recent spikes, which could be indicative of a downward correction looming in the near term.
EUR / USD day chart
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