EURUSD surges towards 1.20 on fresh dollar’s sell-off
The Euro surged through 1.1900 barrier in early trading of Thursday, to retest month’s high at 1.1940 and open way towards key barriers at 1.1961 (27 Nov high) and psychological 1.2000 resistance.
The single currency was boosted by fresh selling of the dollar, driven by growing negative sentiment around the US currency and fresh bullish extension could accelerate further on thinning pre-holiday market.
Sustained break above 1.2000 would look for stretch towards key med-term barrier at 1.2092 (08 Sep high), the highest point of recovery rally from 1.0340 (2017 low).
Daily Tenkan-sen / Kijun-sen are forming bullish cross today, which additionally supports full bullish setup of daily chart studies.
However, consolidation before final break through 1.1961/1.2000 pivots could be expected, with initial bids at 1.1900 and broken Fibo barrier at 1.1867 expected to contain deeper dips.
Res: 1.1961; 1.2000; 1.2033; 1.2092
Sup: 1.1900; 1.1867; 1.1844; 1.1827