EURUSD bulls still in charge
The euro has made a quick recovery higher after briefly dipping below the 1.1300 level against the US dollar and finding strong buying demand just below the 1.1290 level. Buyers now need to break the former weekly higher and aim to close the daily candle above the EURUSD pairs 200-day moving average. Overall, the upside target for short-term bulls is likely to be the 1.1390 to 1.1410 area if weakness in the greenback persists.
The EURUSD pair is only bearish while trading below the 1.1280 level, key technical support is found at the 1.1260 and 1.1230 levels
If the EURUSD pair trades above the 1.1280 level, buyers may test the 1.1360 and 1.1390 levels.