EUR/USD slows down after a new high yesterday
Having pushed to a fresh high yesterday, it is not surprising to see some weakness coming through for EUR/USD. First support is to be found at $1.19, and even if this breaks the $1.17-$1.18 area itself is still likely to be a tough nut to crack for euro bears.
It makes sense to keep buying the dips here, unless and until the pair decisively breaks the 50-day simple moving average (SMA) that continues on an upward trajectory. A push back above $1.1976 leaves the pair free to contemplate a fresh attempt to break Tuesday’s high at $1.2074.