EUR/USD Jumps to a Fresh 1-Month High, Eyes June Peak Next
2024.07.15 08:49
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EUR/USD edges higher after break above SMAs
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The pair advances to its highest level since June 4
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Oscillators suggest that bullish forces are strengthening
has been in a steady uptrend after the bullish breakout from its downward-sloping trendline in place since December 2023. Moreover, the pair conquered both its 50- and 200-day simple moving averages (SMAs), surging to a fresh one-month peak on Friday.
Should the latest upleg strengthen, the price could initially challenge the June peak of 1.0915. Claiming that barricade, the bulls could attack 1.0975, which is the 23.6% Fibonacci retracement of the 1.0447-1.1138 upleg. Failing to halt there, the pair might revisit its December 2023 high of 1.1138.
On the flipside, if the price experiences a pullback, initial support could be met at the 38.2% Fibo of 1.0874. Lower, the 50.0% Fibo of 1.0793 could act as the next line of defense ahead of the 61.8% Fibo of 1.0711. Sliding beneath that floor, the pair may then decline towards the one-month bottom of 1.0666.
In brief, EUR/USD has regained some lost ground in the past few sessions, while the jump above its SMAs has further improved its short-term technical picture. Nevertheless, a decisive break above its June high of 1.0915 is needed for the bulls to regain confidence for a full-scale reversal.
