EUR/USD
rallied during the past week and marked fresh new yearly high at 1.1282,
supported by US dollar’s weakness that came after the bad NFP numbers.
But the week ahead is going to bring important macro events that will affect
the pair. Next Thursday will be held the ECB monetary policy meeting and same
day we have the UK general election.
Technically speaking, the pair is keeping its bullish run, but yet remains
capped by the psychological level at 1.1300.
On the daily chart the 20day SMA is at strong bullish stance with the price
developing above it and the 100-day and 200-day SMAs.
Indicators are showing extreme overbought conditions and are supporting
additional gains onward.
Immediate support is located at 1.1200, next is seen at 1.1120 (the weekly
low). The rally could be extended is conquering the important 1.13 mark and
then next bulls target will be 1.1435.
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