EUR/USD analysis: Reached new high

Dukascopy Bank Team Dukascopy Bank SA

EUR/USD

On Thursday, the EUR/USD currency pair reached new 2019/2020 high at 1.1903. During today's morning, the pair reversed south.

From the one hand, it is likely that some downside potential could prevail in the market. In this case it is unlikely that the exchange rate could decline below the weekly R1 at 1.1742.

Meanwhile, note that the currency pair could gain support from the weekly R2 at 1.1828. If the given support holds, it is likely that the pair could consolidate in the short run.

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Dukascopy Bank Team

Dukascopy Bank SA

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