- EUR / USD hit the key barrier around 1.1920 and then lost momentum.
- An overcoming of this area could pave the way for a visit to 1.1965.
EUR / USD remains under pressure after being rejected from monthly highs around 1.1920 on Monday. This area coincides with the highs of mid-September (1.1917).
Despite the subsequent downward correction, a move above this hurdle is expected to point to August highs at 1.1965. However, a breakout of the 55 day SMA (1.1781) should refocus attention to the downside and thus a possible drop initially to the 1.1700 area.
Looking at the broader picture, more gains in EUR / USD are likely as long as they are above the critical 200-day SMA, today at 1.1339.
EUR / USD day chart
.
Credits: Forex Street
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.
