Range Markets

  • EUR/USD moves closer to the key 1.20 mark on Thursday.
  • Extra gains remain on the cards if 1.20 is cleared.

EUR/USD keeps pushing higher and already trades at shouting distance from the psychological 1.20 mark.

The recovery from YTD lows near 1.1700 (March 31) remains well and sound so far, helped at the same time by the recent break above the 200-day SMA (1.1899).

A break above the 1.2000 hurdle should open the door to extra gains in the very near-term, with the immediate target at the 100-day SMA at 1.2050 ahead of a Fibo level at 1.2064.

Above the 200-day SMA (1.1899) the stance for EUR/USD is forecast to shift to positive.


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