EUR/USD: A move to 1

EUR/USD Price Analysis: A breakout of 1.1800 should expose 1.1920

  • EUR/USD meets resistance around 1.1800 so far this week.
  • Next relevant target on the upside is at 1.1917 (September 10 high).

The upside pressure in EUR/USD met initial resistance in the 1.18 zone – or multi-day highs – so far this week. The move higher has just left behind the immediate resistance line (off 2020 highs) near 1.1760.

Extra gains now need to surpass this area on a sustainable note in order to lift the pair to a potential move to the September 10 high in the 1.1915/20 band in the near-term.

Looking at the broader scenario, the bullish view on EUR/USD is expected to remain unchanged as long as the pair trades above the critical 200-day SMA, today at 1.1255.

EUR/USD daily chart

Screenshot 2020 10 06 at 13.34.19 637375808630580028

Credit: FX Street

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