EUR/USD
jumped over the psychological hurdle at 1.2400 having marked 0.51% up for the
day and currently is trading at 1.2405. The pair took advantage of the talks on
North Korea’s denuclearization and ignored the political concerns in Italy.
Technically speaking the short term outlook remains neutral to bullish. On the
four hour time frame the price is developing above its bullish 20-day SMA,
while the 100-day and 200-day SMAs are staying flat around respectively 1.2330
and 1.2344. RSI is showing strong upward momentum and is nearing the overbought
area. Stochastic is located within positive territory but had eased around its
80 level.
To confirm the bullish bias the pair will have to be more decisive and break
through the resistance and ex support at
1.2450. Otherwise some consolidation is expected before next big catalyzer.
The downside is supported by 1.2360 followed by a strong support around 1.2270 (the
post Italian elections low).
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