EUR/USD downward correction from the new 6-month high

FXStreet The EUR/USD continued to rise and the High was at 1.1262 formed, the highest level since November. The Pair pulled back slightly to the level of 1,1235, almost 40 Pips above the Friday closing price.

The Euro strengthened with the European trade momentum, after German Chancellor Angela Merkel described the Euro as «too weak». The Pair rallied strongly from the 1,1160 days and it went back on 1,1200.

The Pair is on the way to the highest daily closing price since the end of September. During the last 7 trading days 6 of profit was recorded in days.

EUR/USD technical Outlook

The course approaches significantly the 1.13. «About 1,13 a long time to come no important Resistances. Only in the vicinity of the 1,1615 the High of the last year. The 1,1400 should not to overcome, at least in the beginning. The technical indicators are overstretched, and the Euro has been overcome, the upper Bollinger Band (1,1210), but this does not indicates whether or not a High has been formed,» write Brown Brothers Harriman analysts. You will see a support between 1,1080-1,1100.

In the very short term, a relevant support to 1,1205/10 (High is 19. May / 20-hour MA).

EUR/USD is at 1,13 momentum lose — UOB
GBP/USD in the short term, carefully — Commerzbank

** FXStreet News Editorial, FXStreet**

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