EUR/USD pulled back from session highs as traders focused on the rally in the oil markets. Oil prices gained 3% as President Trump has recently indicated that he could use the “Mother of all Bombs” against Iran. He added that he would not use nuclear. High oil prices boosted demand for safe-haven assets, which was bullish for the American currency.

In case EUR/USD settles below the 50 MA at 1.1201, it will get to the test of the nearest support, which is located in the 1.1175 – 1.1190 range. On the upside, a successful test of the resistance at 1.1250 – 1.1265 will open the way to the test of the next resistance level at 1.1350 – 1.1365.