EUR/USD is trading below 1.1900, retreating further from two-week highs of 1.1927 amid resurgent haven demand for the US dollar whilst the Treasury yields recover. Concerns about vaccines in Europe outweigh the Fed’s dovish message.
From a technical perspective, Euro/dollar remains in a short-term uptrend, setting higher highs and higher lows as shown on the four-hour chart. Momentum remains to the upside. However, the Stochastic is still in overbought conditions on the daily chart.
Some support awaits at 1.1890, the daily low, followed by 1.1860, which cushioned the pair on Thursday. It is followed by 1.1825.Resistance is at the April peak of 1.1925, followed by 1.1950 and 1.1990, the latter being a double top.
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