EUR/USD Technical Analysis: The pair remains supported by the 200-day/week SMAs
|- EUR/USD is extending the multi-session sideline theme after being rejected from 3-month tops beyond 1.1400 the figure on Tuesday.
- Firm support appeared, however, around the mid-1.1300s, where sit the 200-day/week SMAs. The resumption of the bull run should meet initial hurdle at this week’s peak near 1.1420 ahead of the more relevant 1.1450, or March tops.
- This important hurdle is considered the last defence for a visit of 2019 highs in the 1.1550/70 band.
- Of note, however, is the bearish ‘outside day’ charted yesterday, which could be a prologue for a move lower in the next days, particularly if spot fails to re-test/surpass recent tops above 1.1400.
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