I thought that EUR/USD would be trading in limited
range recent days, due to the lack of major macro releases recent days. In
fact the week afead is offering plenty of data that will stir the markets. But
surprisingly today the EUR/USD pair skyrocketed and marked a fresh new yearly
high at 1.1479.
The greenback suffered very strongly after Trump Jr. published an e-mail
exchange with the British publicist Rob Goldstone, who in fact had offered to
set up the meeting with the Russian government meaning to incriminate Hillary
Clinton and her dealings with Russia. This huge scandal also reflected over Wall
Street and stocks went down.
Technically speaking the price is likely to continue its bullish run and as
seen on the four-hour time frame it’s advancing above the recent range.
Meanwhile the price has crossed to above the 20-day SMA, while the 100-day and
200-day SMAs are steaming to north. RSI and stochastic are showing strong
bullish momentum and are nearing extreme overbought territory.
Strong resistance is seen at 1.1494 (October’s 2015 high) and first support is
located at 1.1380, next at 1.1340.
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