More bullish breaks, would target 1.1980 / 90

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  • EUR / USD extends the bull run to a zone close to 1.1900.
  • The 1.1980 / 90 band emerges as the next target of relevance.

The strong rally in EUR / USD is testing the key 200-day SMA at the 1.1880 region on Wednesday.

Buyers appear to have returned to the market, pushing the pair higher to the 200-day SMA. If the bullish momentum picks up, then the 1.1980 / 90 region should return to the radar. The mid-March peaks, the 50-day SMA and a Fibonacci level (from the November-January rally) converge in this area.

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Above the 200-day SMA (1.1879), the outlook for EUR / USD is expected to turn positive.

EUR / USD day chart

eurusd

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