- EUR / USD remains in demand despite the pullback from around 1.2300.
- Above 1.2300, the peaks of 1.2413 and 1.2476 appear.
EUR / USD remains bullish unchanged despite the recent bullish move losing steam in the neighborhood of 1.2300.
The constructive bias of the EUR / USD remains unchanged and allows the continuation of the current leg to the upside in 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 gains, as well as a possible move to 1.2413 (April 2018 high) before 1.2476 (March 2018 high).
In the meantime, additional gains are likely in the EUR / USD as long as it is above the critical 200 SMA today at 1.1544.
Looking at the monthly chart, the (solid) break of the 2008-2020 line is a big bullish event and should support the continuation of the current trend.
EUR / USD day chart
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
