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Recovery seen visiting the 1.0980 area

  • EUR/USD extends the recovery to the boundaries of the 1.09 mark.
  • Next on the upside appears the November’s low at 1.0981.

EUR/USD has managed to regain further upside traction on Wednesday and test the proximity of 1.09 the figure, or multi-day tops.

The pair left behind the “oversold” territory, although it is still under pressure. That said, the selling bias is expected to lose some impetus on a breakout of the November low at 1.0981.

Further out, the inability of sellers to push through the 1.0780/75 band in the short-term horizon could spark some consolidation, leaving that area as an interim bottom for the time being.

EUR/USD daily chart

 

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