EUR/USD: Recent break of 1.1250 risks an early test of 1.1050-00 area – Westpac
admin EUR/USD fades Tuesday’s negative pullback and appears to 1.2200.
Extra gains seen above the mid-1.2200s near-term.
Bulls regain the whip hand and push EUR/USD back to the vicinity of 1.2200 the figure on Wednesday.
A move above the weekly highs around 1.2200 should expose the short-term resistance line (off March lows) to around 1.2260. This area is additionally coincident with monthly peaks (May 25). Above this region, the pair should resume the upside bias and target the 1.2300 yardsticks.
On the broader view, the constructive stance on EUR/USD is forecast to stay intact as long because it trades above the 200-day SMA, today at 1.1984.
The ongoing correction follows the recent bearish divergence within the daily RSI, because it didn’t confirm the recent peaks near 1.2270.
