The EUR/USD pair posted fresh 2017 high today reaching 1.0815. Stong macroeconomic data supported the rally from USA and Europe.
As seen on the four-hour frame the pair crossed to upside the 20-day SMA, which currently coincides with the 38.2% Fibonacci retracement of latest decline ( November 2016 to January 2017) at 1.0705. Technical indicators are alongside with the bulls and are placed well above the mid lines. RSI is around 65 level and is showing lack of momentum. Stochastic is displaying extreme overbought market but is confirming strong bullish momentum, even with slight signs of recovery.
The pair is now facing strong resistance at 1.0816 (50% Fibonacci retracement of same November to January slide). In case of conquering this level, next target for bulls is seen beyond 1.09 handle.