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EUR/USD pressures recent highs of 1.2950 - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik remarks that EUR/USD is correcting higher on Wednesday showing a mild positive tone in the 4 hours chart.

Key quotes

"Price managed to establish above its 20 SMA, now acting as the base of the latest range around 1.2920, and indicators aiming higher, having erased all of their oversold readings and about to test their midlines."

"The pair seems ready to extend its upward corrective movement, eyeing now the 1.2990 area, last Friday post US NFP high."

"If price manages to continue advancing and settles above 1.3000, the rally can extend up to 1.3050 over the upcoming sessions, without really harming the dominant bearish trend."

"But if 1.2920 gives up, chances of such corrective movement vanish, with the pair exposed then to a retest of recent lows around 1.2859."

"Below this last, an approach to the 1.2800/20 area seems likely in the short term, from where the path is quite clear towards the main bearish target of 1.2740."

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