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EUR/USD Outlook: Bulls Focus 2020 High, Boosted By Optimism In EU Talks

The Euro jumped to new 4 1/2 month high at 1.1466 on Monday, maintaining positive tone from last week (up 1.09% for the week). The sentiment was boosted by hints of progress in talks between EU leaders which extend into third day, in attempts to reach an agreement about the stimulus. Initial bullish signal was generated on strong bullish weekly close which registered close above 200WMA after six consecutive failures. Today’s action is underpinned by long green weekly candle and bullish daily studies and focusing 2020 high at 1.1495 (posted on 9 Mar). Clear break here would open way for extension towards next significant barrier at 1.1600 zone. Dip-buying remains favored while the price stays above 1.1400 support zone, while extension below 1.1470/60 (last Thursday’s low / rising 10DMA) would put bulls on hold.

Res: 1.1466, 1.1495, 1.1519, 1.1579
Sup: 1.1422, 1.1400, 1.1370, 1.1360

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