Monday 24 April 2017

EUR/USD Attempting to break out of the bearish trend carried over from 2016


EUR/USD started the new week week in good shape after yesterday’s historic win by centrist and pro-European Emmanuel Macron at the French presidential elections. 
The pair opened with a bullish gap and marked fresh new yearly high at 1.0919 because of the increased buying orders for single currency. The situation now suggest that market participants are withdrawing their bearish outlook as the pair is making significant attempts to escape from the downward trend carried over from 2016.
On the daily chart the 20-day SMA has turned to north, while RSI and stochastic are located withing extreme overbought area and seem that has lost directional strength.
Currently the pair is trading at 1.0852 and major resistances are seen at 1.0905 and higher at 1.0920. Looking to downwards first support is placed at 1.0840 and second at 1.0821.




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