- EUR / USD struggles to get past the 1.19 level.
- If the rise is extended, a test of the 1.1980 / 90 band is expected.
EUR / USD extends consolidation at the upper end of the recent range near 1.1900.
The rebound from the current year’s lows near 1.1700 (March 31) appears to have met fairly solid resistance at the lows of 1.1900 so far. A sustainable breakout of the 200-day SMA (1.1892) should open the door for further upside with the next target at the 1.1980 / 90 region. The mid-March peaks, the 50-day SMA and a Fibonacci retracement (from the November-January rally) converge in this area. A breakout of this area could lead to a move towards the key 1.2000 barrier.
Above the 200-day SMA (1.1892), the outlook for EUR / USD is expected to be bullish.
EUR / USD day chart
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