EUR/USD rallies into SMA resistance
EUR/USD has been pushing sharply higher amid the dollar weakness instigated on Wednesday.
We have seen the pair move into the 200-day simple move average (SMA) and 76.4% resistance, with the wider creation of lower highs coming into play once more. A break through the $1.1472 level would bring about a wider bullish outlook. However, for now it makes sense to watch how we react to this resistance zone, with a retracement potentially coming into play with a break below the $1.1348 level.