EUR/USD holds a little higher but still faces resistance closer to 1.2000

Technical Analysis

Author: Justin Low | eurusd

EUR/USD keeps higher in European trading so far

EUR/USD D1 16-04
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The dollar is sitting more mixed on the day as it gains against other major currencies but is seen lower against the euro and franc currently.

Euro sentiment is somewhat buoyed by a break higher in EUR/GBP above 0.8700 (at the same time, dragging the pound lower) with EUR/USD now at the highs close to 1.1990.

The pair is still facing key resistance from the mid-March highs at 1.1990-00 and that hasn't changed in terms of limiting topside movement throughout this week.

A break above 1.2000 is likely to trigger stops on the way up with the 100-day moving average (red line) @ 1.2051 a key level to watch upon such a break.

For now, sellers are still holding the line as Treasury yields stabilise - somewhat helping dollar sentiment from deteriorating further. But if EUR/GBP can secure the next leg higher above 0.8731, then perhaps it may bolster EUR/USD as well; all else being equal.

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