The EUR/USD broke decisively above its 200 day moving average, now by 1.2803, at the start of the week. It managed to close above this key level on Wednesday and extended gains sharply on Thursday. The pair bounced up from a two-month low hit last week at 1.2662, after hitting a polarity support line off the highs from February, April and May of this year.
The pair hit a session high by 1.2899 today, and approaches its 50 – DMA by 1.2913. A close above the 50 DMA would give scope for further gains to test a falling trend line off the highs from April and August 2011, and October 2012, while a break of this key resistance would accelerate gains towards a resistance polarity off February, March and April 2012 lows by 1.3250 areas. Failure to break above the 50 DMA could give rise to a small pull back in the short term to re test its two-month low of 1.2662.
15 and 200 DMAs are bullish, RSI is slightly bullish.
IMOH, Clement
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