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Next up barrier of note comes at the 2023 high

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  • EUR/USD fades the earlier bull run to new tops near 1.0940.
  • Bulls now shift their attention to the YTD peak near 1.1030.

EUR/USD climbs to new multi-week highs near 1.0940 and deflates afterwards following a late bounce in the dollar.

The likelihood of extra advances appears favoured for the time being. Against that, the pair needs to clear the April high at 1.0938 (April 4) prior to a potential test of the 2023 high at 1.1032 (February 2).

Looking at the longer run, the constructive view remains unchanged while above the 200-day SMA, today at 1.0343.

EUR/USD daily chart

 

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