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Initial support is around 1.1790

  • EUR / USD corrects lower from Wednesday’s highs around 1.1880.
  • Further gains could point to the 1.1917 level (September 10 high).

The bullish momentum in EUR / USD appears to have encountered a stiff barrier in the 1.1880 region on Wednesday, triggering the current reversal towards the vicinity of 1.1820 so far.

As long as the bulls stay in control, the next intermediate target is at the September 10 high near 1.1920, before targeting the August high at 1.1965. Another visit to the 2020 high, above the critical level of 1.20, is not favored at this time.

The corrective slide has the potential to extend to the 55-day SMA, today at 1.1794, which is expected to initially support the bearish move.

Looking at the broader outlook, the bullish view of EUR / USD is expected to remain unchanged as long as the pair moves above the 200-day SMA, today at 1.1293.

EUR / USD daily chart


EUR / USD technical levels


Credits: Forex Street

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