EUR/USD has remained bullish and has rallied notably around 2.7% since May 15, helped by the recent slump in the USD.
EUR/USD saw a correction on May 18, as a result of the rebound of USD.
During Friday’s early European session EUR/USD rallied again and approached the significant psychological resistance level at 1.1200.
Bullish momentum remains strong with the short term moving averages edging higher.
If the 1.1200 resistance level is broken, we can expect that EUR/USD will move higher.
Conversely, if the bulls fail to break the resistance, we will likely see a correction.
The resistance level is at 1.1170, followed by 1.1200.
The support line is at 1.1130, followed by 1.1100.