The euro popped higher after the Eurozone’s bond yields rose on improved sentiment. The pair maintained its recovery trajectory after it turned 1.1990 from resistance into support.
The euro has met strong selling pressure at March’s high at 1.2110 while the RSI shot into the overbought area.
The current retracement would test the demand zone between the psychological level of 1.2000 and 1.2045.
A rebound followed by a rally above 1.2110 would suggest a bullish continuation towards 1.2180.
