In the meantime, the technical picture shows momentum aiming higher above 100, RSI flat around 50, and price extending above a bearish 20 SMA. It’s also easy to appreciate a double floor established at 1.2360 with the neckline of the figure at 1.2600, the level to overcome to confirm an interim bottom and a steadier recovery in the pair midterm. But it will take really disappointing readings all through the US session to trigger such 150 pips recovery in the EUR/USD, something quite unlikely considering latest economic improvement. Shorter term however, the pair can advance up to 1.2520/50 daily basis, if market decides to dump the greenback.
The main support stands at 1.2400 and it will take a downward acceleration through it to see the pair resuming the bearish tone, with the immediate target at 1.2360, mentioned year low.
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