EUR/USD

The euro bulls continue to test the multi-week resistance between $1.1350/$1.1375 which has acted as a limit to their attempts to get real control on this market. There is an appetite to buy into weakness that means EUR/USD is pressuring higher, however, there needs to be a release of the shackles to truly back a bull run. Momentum indicators look primed and ready, with the Stochastics and RSI swinging higher in a positive bias, whilst MACD lines have converged above neutral, potentially ahead of a bull cross. Yesterday’s close of $1.1340 was the highest close for a month and adds further evidence that the bulls are ready. We look to buy into supported weakness. Support at $1.1255 needs to hold, but the bulls will want to build above $1.1300 now (shown on the hourly chart as a near term pivot). A close above $1.1375 would confirm the bulls in control to test $1.1420 and then the crucial $1.1490 March high comes into play.

EURUSD

 

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