EUR/USD targeting levels above 1.19

EUR/USD targeting levels above 1.19

EUR/USD has made a rebound on a key demand zone for buyers in the short-term. The 50% Fibonacci retracement level is acting as a pivotal area and if the 200 SMA at H1 chart holds as well, we might expect further rallies toward the resistance level of 1.1980, at which lies the -23.6% Fibonacci retracement level. To the downside, we expect a strong support around 1.1717 (65%) and 1.1676 (78.6%).

RSI indicator remains in the neutral territory, calling for sideways moves in coming hours.

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