US January inflation release triggered furore on the financial markets. DJIA was around 500 points
down ahead of Wall Street opening, the greenback soared and the EUR/USD pair
conquered the 1.2400 level.
As seen on the four hour time frame the pair found support at the 38.2%
Fibonacci retracement of January bullish run considering that last week twice
bottomed at the 50% Fibo of same rally and the current market price is above
23.6%.
Bulls are marching above the moving averages and all of them are keeping
bullish slopes. RSI is showing strong upward momentum but eased very close to
70. Stochastic has retreated from its extreme overbought readings in the Asian
session and now is back above 80.
During the upcoming sessions the EUR/USD pair will find resistance at 1.2480
(last Monday’s high) and in case of breaking it next challenge will come with
1.2535 (January’s high).
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