The EUR/USD
pair is performing excellent during the last four sessions keeping the uptrend
and today surged to 1.1837, the highest level since late April. The bullish mode is supported by
the QE easing hopes with upcoming ECB meeting next week. On the other hand the
greenback is losing strength on latest Trumponomics release concerning the
start of several countermeasures which will bring slowdown of
economic growth.
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, which crossed to above
the flat 100-day SMA.
The 200-day SMA currently
coincides with the 38.2% Fibonacci retracement of latest April to May bearish
run at 1.1855 representing the main bullish target. RSI is keeping upward slope
around 65 level. Stochastic has entered into extreme overbought area but had
eased around 90.
As mentioned above the first and main target
for the bulls is provided by the 38.2% Fibo at 1.1855 and eventual breakthrough
will drag the pair towards next challenge at 1.1960 (the 50% Fibo of same
retracement).
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