EUR/USD moving higher
EUR/USD has recovered from the lows of last week, moving briefly above Friday’s high at $1.1987. However, now it needs to follow through and post a close above $1.20, something that has eluded it since 11 September.
A turn lower from $1.20 creates a lower high and raises the possibility of a move back towards $1.1850. At this point the buyers need to step in to avoid losing the post-March rising trendline.