- EUR/USD rebounds following1.1610 low.
- Resistance seen at 1.1700
After hitting a 2 month nadir of1.1610 on Friday, EUR/USD has kicked off trading this week on a more upbeat note, rebounding to the mid-1.1600s thanks to the US Dollar weakening.
A meaningful move beyond 1.17 is needed to reinforce the idea that bulls are in control. Further pullbacks could still be on the cards though. and convince markets that the resumption of the bullish momentum is in the offing.
The upbeat outlook on EUR/USD remains as long as the pair trades above the 200-day SMA, (1.12316 today).