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Upside could extend to 1.1200 and beyond

  • The recovery in EUR/USD regained the 1.11 level and well above.
  • Above the 55-day SMA, there is room for a test of 1.1200/39 band.

EUR/USD moved beyond 1.11 the figure for the first time since late January, and met a tough barrier around 1.1180 on Monday, are coincident with a Fibo retracement (of the 2020 drop) and late December tops.

There is room for the continuation of the rally as long as the pair trades above the key 55-day SMA, today at 1.1036.

That said, the next target of relevance should emerge at the 1.1200 neighbourhood ahead of the December top at 1.1239.

EUR/USD daily chart

 

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