EUR/USD ready to test the critical resistance level of 1.1870
|The EUR/USD pair has extended its weekly advance to 1.1870 this Wednesday, amid persistent dollar’s weakness, and could regain the 1.1900 threshold, FXStreet’s Chief Analyst Valeria Bednarik reports.
Key quotes
“Talks about a US stimulus aid package provided support to the high-yielding EUR, as US Treasury Secretary Steven Mnuchin and House Leader Nancy Pelosi reported progress in trade talks, and said they would continue negotiations this Wednesday.”
“The 4-hour chart shows that the advance extended above all of the moving averages, while the 20 SMA accelerated north and crossed above the larger ones. Technical indicators, in the meantime, maintain their bullish slopes, despite being in overbought territory.
“A break through 1.1870 should see the EUR/USD pair regaining the 1.19 threshold during the upcoming sessions.”
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.