The shake yesterday came after Juncker’s positive Brexit-related remarks and that was sufficient to give buyers the achievement they’ve been longing for all week.
Price broke over the obstinate 100-day Moving Average and the 38.2 retracement level around 1.2500, with the previous not having been broken since May.
From a technical perspective, sellers are no longer in control and with the near-term bias favoring buyers, the upside momentum may run further from here.
Technical levels to watch
Buyers will be targeted towards the 50.0 retracement level at 1.2670 next pursued by the 200-day MA at 1.2738.