- EUR / USD is rebounding after Tuesday’s slide and is looking at 1.2200.
- More rises above 1.2250 are seen in the near term.
The bullish scenario regains the upper hand and pushed EUR / USD back to around 1.2200 on Wednesday.
A move above the weekly highs around 1.2200 should expose the short-term resistance line (from the March lows) around 1.2260. This area also coincides with the monthly peaks (May 25 high). Above this region, the pair should resume the bullish bias and target the 1.2300 area.
On the broader view, the constructive stance on EUR / USD is forecast to remain intact as long as it trades above the 200-day SMA, today at 1.1984.
The ongoing correction follows the recent bearish divergence in the RSI for the day as it failed to confirm the recent spikes near 1.2270.
EUR / USD day chart
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