Tue, May 18, 2021 @ 11:15 GMT
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EUR/USD Outlook: Euro Rises Above 1.20 Mark For The First Time In Six Weeks

The Euro surged through psychological 1.20 barrier and hit the highest since Mar 4 on Monday, lifted by fresh weakness of the dollar.

Today’s bullish acceleration signals continuation of the uptrend from 1.1704 (Mar 31 low) which paused during past three days.

Fresh bulls cracked 50% retracement of 1.2349/1.1704 (early Jan/late Mar downtrend) and eye 100DMA (1.2052) which guards next key obstacles at 1.2092/1.2102 (daily cloud top/Fibo 61.8% of 1.2349/1.1704).

The action is underpinned by bullish daily techs and ignoring overbought conditions for now, but would require daily close above 1.20 mark to confirm bullish continuation.

Res: 1.2032, 1.2052, 1.2092, 1.2102
Sup: 1.2000, 1.1967, 1.1950, 1.1936

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