- EUR / USD regains the 1.23 level amid a climate of risk appetite.
- Higher up are the monthly peaks at 1.2413 and 1.2476.
EUR / USD resumed bullish rallies and reversed last Thursday’s sharp retreat after rejection of yearly highs above 1.2300.
The positive stance of the EUR / USD therefore remains unchanged and allows the continuation of the uptrend on the short-term horizon. However, the proximity of overbought territory carries the potential to cause occasional corrections. These are expected to reach initial support at the weekly low at 1.2129 (Dec 21).
Meanwhile, a break from the recent highs just above 1.2300 should pave the way for more raises and a potential move to 1.2413 (April 2018 high) before 1.2476 (March 2018 high).
Meanwhile, Further gains in EUR / USD are likely as long as they are above the 200 day SMA, today at 1.1539.
Looking at the monthly chart, the (solid) breakout of the 2008-2020 line is a big bullish event and should underpin the continuation of the uptrend.
EUR / USD month chart
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