The
EUR/USD pair continues to march higher today and almost reached the 1.2400
hurdle ahead of the release of US inflation figures, which as expected came out
with Core CPI at 2.1% in March, up from 1.8% in February.
Technically speaking the short term outlook remain neutral to bullish. On the
four hour time frame the price is developing well above its moving averages.
Currently the bullish 20-day SMA is crossing to above the flat 100-day and
200-day SMAs , which are providing support around around 1.2320 area. RSI and stochastic
are showing overbought market but both had eased and seems that are looking for
direction.
First target for the bulls comes with the 1.2400 level and next is 1.2320. On
case of conquering doors are opened for testing 1.2475 area. On the flip side
below the pair is supported by the above mentioned SMAs.
Next on the agenda is the release of the latest FOMC Minutes with expectation
of no significant surprises, but it’ll be interesting to observe how the pair
will react.
No comments:
Post a Comment