Further upside in store above 1.0690

  • EUR/USD faces a corrective decline and drops to 1.0860.
  • The short-term bullish bias remains unchanged above 1.0690.

EUR/USD retreats for the second session in a row and revisits the 1.0860 region on Friday.

While above the short-term support line around 1.0690, extra gains should remain in store for the pair.

Indeed, the continuation of the uptrend now needs to rapidly clear the 2023 high at 1.0929 (January 26) to allow for a test of the weekly top at 1.0936 (April 21 2022). A sustainable break above this level could pave the way for a challenge of the key barrier at 1.1000 the figure sooner rather than later.

In the longer run, the constructive view remains unchanged while above the 200-day SMA, today at 1.0309.

EUR/USD daily chart


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