The EUR/USD has re-established an intraday high above 1.0650 ahead of Thursday’s European session.
As a result, the main currency pair rises inside its weekly trading range, reversing the previous day’s retreat moves.
Alternatively, the 50-EMA level near 1.0600 limits the EUR/USD pair’s short-term downside. An upward-sloping trend line from December 01 strengthens the claimed support.
It should be noticed that the December 2005 high near 1.0595 acts as an extra downside filter before the bears arrive.
If the quote remains weak beyond 1.0595, a drop towards the new weekly low, which is currently around 1.0575, cannot be ruled out.
