In opinion of Karen Jones, Team Head FICC Technical Analysis Research, the uptrend in EUR/USD appears limited by the 200-day SMA in the 1.2000 neighbourhood.
“EUR/USD maintained its near term upside correction yesterday. We would allow for a rebound into the 1.1860/1.1930 band. It will face tougher overhead resistance at 1.1884/82, the highs from last week and the 23.6% retracement and currently we are looking for the 200- day ma at 1.2008 to cap the topside.”
“Below 1.1750 attention will revert to the September, November and March lows at 1.1704/1.1600.”