EUR/USD back into positive territory above 1.1200

By FXStreet A weak US dollar across the board pushed EUR/USD further to the upside. The pair erased all losses and approached daily highs. Price reached 1.1230 and it was trading around 1.1220, at the level it closed on Friday.

The euro holds a positive, tone intraday, with price above the 20-hour moving average, but on a wider perspective it remain sideways, moving in a range below 1.1250 and above 1.1170.

EUR/USD remaisn near 1.1200

For the third day in a row EUR/USD is about to post a daily close near the 1.1200 zone. After a sharp decline last Wednesday following the release of the FOMC minutes, it bottomed at 1.1178 on Thursday and then it stabilized.

According to analysts from Lloyds Bank, as long it remains under the 1.1250-1.1285 resistance, “we can still see a move towards Fibonacci and trend line support in the 1.11-1.1070 region. We believe that area should hold, aligned with resistance in US bond yields for a broader consolidation.” They point out that a move back through 1.1285 would remove bearish momentum.
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Source:: FX Street