- EUR / USD rallies after bottoming out near 1.1790.
- Monthly highs around 1.1880 offer initial test for the EUR bulls.
It appears that the bullish momentum of the EUR / USD has returned to the markets after the negative price action on Thursday.
EUR bulls are now facing immediate resistance at the monthly high around 1.1880 (Oct 21). Higher up, the September 10 high near 1.1920 should return to investors’ radar before targeting the August high at 1.1965. Another visit to the 2020 high above the 1.20 level in the immediate term is not favored at the moment.
Looking at the broader outlook, the EUR / USD bullish view is expected to remain unchanged as long as the pair moves above the 200-day SMA, today at 1.1297.
EUR / USD daily chart
Credits: Forex Street
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