EUR/USD on the way to 1.30?

EUR/USD propped by positive sentoemt ahead of ECB.
EUR/USD headed to 1.2520?

Ross J Burland FXStreet

Currently, EUR/USD is trading at 1.2290, up 0.25% on the day, having posted a daily high at 1.2307 and low at 1.2223. EUR/USD has moved higher and the high surpassed the previous at 1.2295 made on the 19th and 15th Jan, (double top).

Positive politics in Germany, cheery investors and bullish consumers in the EZ along with lower yields and higher treasuries in the US on the back of the temporary government funding in until 8th Feb all propped up the single currency. Eurozone consumer’s sentiment index rose to 1.3 in January and is now eyeing up its all-time record in late 2000. Elsewhere Germany’s ZEW survey came in at an eight-month high.

ECB to changed its tune?

Analysts at ANZ await the ECB to see if it has changed its tune. "We upgraded our near-term view on the EUR/USD to 1.30, driven by inflation dynamics, better economic growth and improving political developments."

EUR/USD levels

Monthly RSI biased up while risks in the daily sticks offer but the dip opportunities. The consolidation phase has been choppy and the 30-day Bollinger bands are very wide. The daily RSI is also biased higher a target comes as 1.2350 with 1.2520 on the radar as being the double bottom lows of Sep weekly sticks n 2014. To the downside, 1.2220, 1.2200 and 1.2120/50 guard 1.2080/92.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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