EUR/USD: Renewed positive outlook, gains support at 1.1750 [Video]
|EUR/USD
There have been question marks surrounding moves on EUR/USD in the past week, however, dollar selling pressure seemed to move up a gear on Friday to pull EUR/USD to a three week high. This confirmed a break of the five week downtrend and really begins to find some traction in a renewed positive outlook for the pair. Momentum indicators have really turned the corner too, with a bull cross on MACD lines (a medium term positive signal) and Stochastics rising at two month highs. If the RSI moves into the 60s, this really is confirmation that the bulls are back. The old 1.1750 level is now becoming a basis of support, whilst a (slightly re-drawn) two week uptrend is supportive today around 1.1765. The bulls will be looking at initial resistance at 1.1870 before 1.1900/1.1920. The first real support is now 1.1725 which is a higher low from mid last week.
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