EUR/USD Price Analysis: Initial support lines up around 1.1790
|- EUR/USD corrects lower from Wednesday’s peaks around 1.1880.
- Extra gains seen re-visiting the 1.1917 level (September 10).
The upside momentum in EUR/USD appears to have met a tough barrier in the 1.1880 region on Wednesday, sparking the current knee-jerk to the vicinity of 1.820 so far.
As long as bulls remain in control of the market then the next interim target emerges at the September 10 high near 1.1920 ahead of the August top at 1.1965. Another visit to the 2020 high beyond the critical 1.20 the figure in the immediate term is not favoured for the time being
The corrective downside carries the potential to extend to the 55-day SMA, today at 1.1794, which is expected to initially hold the bearish move.
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 1.1293.
EUR/USD daily chart
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