- EUR/USD leaves initial pessimism behind and retakes 1.1460.
- The recent high at 1.1483 is the next level up.
EUR/USD’s rebound from last week’s YTD lows remains nice and healthy and is now flirting with daily highs near 1.1470 on Monday.
The current strength is now poised to extend further considering the recent price action. Against that, this year’s peak at 1.1483 (4 Feb) emerges as the next target closely followed by the 200-week simple moving average (SMA) at 1.1496. Between 1.1500 and 1.1600 there is no relevant resistance, leaving the October 2021 high at 1.1692 as a potential long-term target.
The recent break of the five-month resistance line, today near 1.1410, leaves the possibility of further gains well on the cards, in the short term at least. Longer term, the negative outlook remains in place as long as it remains below the key 200-Day SMA at 1.1673.
EUR/USD day chart
Source: Fx Street
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