The dollar got smashed with the European opening, with the EUR/USD pair finally breaking through the 1.1000 figure, so far advancing up to 1.1051 intraday, a fresh 3-week high. There has been no particular catalyst behind the move, except renewed dollars' selling interest that got boosted by nose-diving share markets.
The pair has retreated partially from the mentioned high, but holds to its gains, trading around the 1.1020, and with the 4 hours chart showing a strong upward momentum coming from technical readings: the price develops above a bullish 20 SMA, currently around 1.0940, whilst the Momentum indicator bounced sharply from 100 and the RSI indicator heads higher around 66. The mentioned daily high is now the immediate resistance, with a break above it exposing the 1.1120 price zone, 61.8% retracement of the February/March slide. Further gains are unlikely for this Thursday, although a steady consolidation near the level should signal a probable breakout higher, eyeing then, the 1.1200 area for this Friday.
The 50% retracement of the same rally at 1.0997 provides the immediate intraday support, with a downward acceleration below it exposing the mentioned 1.0940 level.
View Live Chart for EUR/USD
The pair has retreated partially from the mentioned high, but holds to its gains, trading around the 1.1020, and with the 4 hours chart showing a strong upward momentum coming from technical readings: the price develops above a bullish 20 SMA, currently around 1.0940, whilst the Momentum indicator bounced sharply from 100 and the RSI indicator heads higher around 66. The mentioned daily high is now the immediate resistance, with a break above it exposing the 1.1120 price zone, 61.8% retracement of the February/March slide. Further gains are unlikely for this Thursday, although a steady consolidation near the level should signal a probable breakout higher, eyeing then, the 1.1200 area for this Friday.
The 50% retracement of the same rally at 1.0997 provides the immediate intraday support, with a downward acceleration below it exposing the mentioned 1.0940 level.
View Live Chart for EUR/USD
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