The EUR/USD managed to break higher this Wednesday, on the back of better than expected PMI readings in Germany and the EU. French one again missed expectations, but market players preferred to count their goods rather than their losses, pushing the pair up to 1.3854 so far today. Also, the euro zone government debt rose to a record high of 92.6% of the region GDP, far from being good news, but also ignored.
And while local share markets trade slightly negative, the pair consolidates a few pips below mentioned high. Technically, price has broke above a descendant trend line coming from 1.3905, April 11th daily high now offering short term support around 1.3825; the 4 hours chart shows price accelerated above its 20 SMA and indicators heading higher in positive territory, supporting further upward moves for today, with immediate resistance at 1.3860 past week high. A break above this last should lead to an extension up to 1.3890 where the pair will fill the weekly opening gap left 2 weeks ago.
A break below 1.3825 should be highly discouraging for buyers, and some profit taking may force the pair down to 1.3780/90 area, probable floor for today.
View Live Chart for EUR/USD
And while local share markets trade slightly negative, the pair consolidates a few pips below mentioned high. Technically, price has broke above a descendant trend line coming from 1.3905, April 11th daily high now offering short term support around 1.3825; the 4 hours chart shows price accelerated above its 20 SMA and indicators heading higher in positive territory, supporting further upward moves for today, with immediate resistance at 1.3860 past week high. A break above this last should lead to an extension up to 1.3890 where the pair will fill the weekly opening gap left 2 weeks ago.
A break below 1.3825 should be highly discouraging for buyers, and some profit taking may force the pair down to 1.3780/90 area, probable floor for today.
View Live Chart for EUR/USD
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