The EUR/USD currency pair extends Friday’s gains and approaches 1.1900.
Extra gains should be possible if the 1.1970 area is breached.
Following Friday’s retreat, the EUR/USD continues to rise, approaching the 1.1800 level.
The rebound confronts temporary roadblocks at the Fibo level of 1.1887, which is just ahead of the 10-day SMA, which is currently at 1.1898. Weekly highs in the 1.1970/80 band are found further north.
Above the latter, selling pressure is expected to relax slightly, allowing for a move to the 200-day SMA, which is just shy of the psychological 1.20 mark.
The EUR/USD has a bearish near-term outlook while trading below the important 200-day SMA, which is currently at 1.1997./n
