EUR/USD technical analysis: Bulls look to test 200 DMA and 200 WMAs
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- EUR/USD is moving higher above the 2018-2019 downtrend following recent Fed dovish rhetoric and relatively poor US data.
- For those that trade patterns, a falling wedge pattern targets towards 1.2000.
- The 200 DMA and 200WMA are in sight and a break there will certainly convince cautious bulls and fearful bears to act accordingly.
- Stop territory around 1.1450 could accelerate price towards 1.1520 prior structural support levels.
- The 1.1570 2019 high is then under threat.
- To the downside, the 20 WMA at 1.1270 and prior wedge resistance guards the 20 DMA that guards a run to the 1.1100 support.
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