EUR/USD extends gains above 1.1200
The euro edged above the 200-day moving average but still hasn't broken Tuesday's high of 1.1209. After touching 1.1208 in a flurry of buying, it has edged back down to 1.1196.
The euro is rising today despite bonds spreads moving slightly in favour of the US dollar on the day.
I'll be closely watching the close. A finish above 1.1208 would paint a bullish engulfing candle on the daily chart along with a rebound from support at 1.1100. That would point to a further retracement towards 1.1300.
