EUR/USD: the test is now the resistance band $1.1180/$1.1200 [Video]

Richard Perry Independent Analyst

EUR/USD

An impressive rebound of strength on the euro yesterday has bolstered the support around the lows of the uptrend channel and continues to suggest that corrections will be supported. There is an ongoing positive configuration throughout momentum indicators, with the RSI holding above 50/60, the MACD lines advancing above neutral and Stochastics again moderating their swing lower in a position above 50. The test is now the resistance band $1.1180/$1.1200 which needs to be overcome today. The hourly chart shows support is building at higher levels again in recent days, at $1.1150 above $1.1125, whilst latterly a pivot around $1.1180 is holding this morning. A close above $1.1200 would be a move clear of the old key resistance and open $1.1240 once more to continue the channel higher. The market is still tracking the rising 21 day moving average (today at $1.1140) as a basis of support since December.

Author

Richard Perry

Independent Analyst

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