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EUR/USD Analysis Diminishes Trading Range

The Asian session was relatively calm for EUR/USD on Tuesday. This lack of movement shifted significantly in favour of bulls mid-session when the rate surged 80 pips within a couple of hours. This surge was seemingly caused by uncertainty over global trade wars that weighted heavily on the US Dollar.

The Euro still managed to push higher in subsequent hours up to the monthly R1 at 1.2437; however, falling short from the upper boundary of the one-week channel up.

Even though technical indicators have been pushed in the overbought territory, they continue flashing bullish signals. Thus, the Euro might still approach the upper channel line of a six-week channel and the weekly R2 at 1.2480 before reversing to the downside. A possible southern target for today is the 1.2350 mark.

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