EUR/USD Price Analysis: EUR/USD moves above the 200 weekly SMA and the price printed at its highest level in over a month
|- EUR/USD is trading 0.64% higher on Monday as global risk sentiment drives on.
- The dollar has struggled against all of the majors bar GBP.
EUR/USD weekly chart
EUR/USD is one of the best-performing currencies on Monday as the pair moves over 0.60% higher. In general, the euro is having a great day as EUR/JPY rises 0.86% and EUR/NZD pushes 0.74%. The single currency is the pick of the bunch as Brexit woes hit the pound and the US continues to deal with the coronavirus pandemic. Risk sentiment is also important as there were large inflows into the greenback during the initial COVID-19 panic.
Looking at the chart below the price has now conclusively broken above the 200 weekly Simple Moving Average. This is not the first time as you can see some of the shadows (wicks) have penetrated the resistance only to fall back below. Obviously we will have to wait till the end of the week to see if the bulls can sustain this momentum but the signs are good at present.
Another key feature on the chart it the price breaking the trendline which has been in place since the peak back in February 2018. The trendline has been tested twice but once again the bulls could not manage to keep hold of the area and the subsequent move took the price below the resistance. There is also some bullishness in the indicators. The MACD histogram is green and the signal lines have crossed the mid-point. While the Relative Strength Index is now holding pretty nicely above the 50 area.
-637302563857407049.png){kind=link}
Additional levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.