EUR/USD“>EUR/USD has managed to find buying interest off 1.1250 session lows, with the price setting highs of 1.1280/85, as risk sentiment is moderately worse, an environment that has underpinned the Euro as part of its funding currency profile.
According to Valeria Bednarik, Chief Analyst at FXStreet, EUR/USD gains may extend this week, based on the latest technical developments. In terms of data for the week ahead, EU PMIs and German ZEW survey are the key events, while in the US, durable goods orders and the ISM manufacturing PMI are the main focus.
Key quotes – Valeria Bednarik
“The pair closed the week at 1.1269, the highest close since last October, and Friday’s pullback was not enough to damage the bullish tone, as in the daily chart, the technical indicators have barely retreated from overbought territory, with no downward momentum at this point.”
“In the same chart, the pair is well above its moving averages, although the 100 and 200 DMAs remain pretty much horizontal, indicating that a more sustainable rally is yet to be confirmed.”
“To achieved so, the pair needs to trigger stops beyond 1.1375 February high, which will open doors for a rally up to 1.1460 a major static resistance.”
(Market News Provided by FXstreet)
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