EUR/USD Price Analysis: Next on the upside emerges 1.1917

The bid bias in EUR/USD remains everything but abated on Wednesday and motivates spot to clinch fresh multi-week peaks around 1.1870, just to lose som  |  21/10/2020 10:49
  • EUR/USD has quickly left behind the initial barrier at 1.1830.
  • Further upside now aims for 1.1917 (high September 10).

The bid bias in EUR/USD remains everything but abated on Wednesday and motivates spot to clinch fresh multi-week peaks around 1.1870, just to lose some vigour soon afterwards.

As long as bulls remain in control of the market then the next interim target emerges at the September 10 high near 1.1920 ahead of the August top at 1.1965. Another visit to the 2020 high beyond the critical 1.20 the figure in the immediate term is not favoured for the time being.

Looking at the broader scenario, the bullish view on EUR/USD is expected to remain unchanged as long as the pair trades above the critical 200-day SMA, today at 1.1289.

EUR/USD daily chart

 

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