EUR/USD Price Analysis: The pair still looks set to hit its highest level since March
- EUR/USD trades 0.13% higher on Monday at 1.1442.
- The March 2020 high is just under 1.15 and the bulls look set to try and hit it.
EUR/USD daily chart
The uptrend has resumed today as EUR/USD trades positive on Monday but only just. Since hitting a low of 1.0636 in March 2020 the price has been on a tremendous uptrend hitting a high of 1.1467 today. Within that period there has been some consolidation points and only recently has the price broken to the upside past the 1.1422 previous wave high.
Looking closer are more recent price action, it seems that the bulls have not given up just yet. The market is still making higher high and higher low waves but the next resistance looks like a big one. The next resistance zone is at the yearly high of 1.1496 and the last time the price traded above that point was in January 2019. If the price does fall back there are some good support zones too. 1.1330 is the mean value of the last distribution area and it has been firm and beyond that, the consolidation low of 1.1175 could also be strong.
The MACD is still looking positive with the histogram still in the green. The signal lines are still above the zero point and with blue above red remain positive. The Relative Strenght Index is bullish above the 50 level but the previous wave is higher than this one at the moment. This means there is a potential bearish divergence forming but only time will tell how far this current price wave will take the indicator.
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Additional levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
