- The EUR / USD remains in demand and exceeds the 1.2300 level.
- Higher up are the monthly peaks at 1.2413 and 1.2476.
EUR / USD rallied and quickly managed to break through the key 1.23 barrier on Wednesday.
Against this, the EUR / USD is now expected to approach the 1.2400 mark on the short-term horizon. Above this barrier appears 1.2413 (April 2018 high) ahead of 1.2476 (March 2018 high).
In the meantime, more gains are likely in EUR / USD as long as it is above the critical 200-day SMA, today at 1.1551.
While the additional earnings remain well on the table, the proximity of overbought territory has the potential to trigger occasional corrections. These are expected to reach initial support at the weekly low at 1.2129 (Dec 21).
Looking at the monthly chart, the break of the 2008-2020 line is a big bullish event and should support the continuation of the current trend.
EUR / USD day chart
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