- Analytics
- News and Tools
- Market News
- EUR/USD to preserve its bullish momentum towards 1.06
EUR/USD to preserve its bullish momentum towards 1.06
EUR/USD has started the new week on a firm footing. The pair could push higher as long as 1.0560 support holds, FXStreet’s Eren Sengezer reports.
Technical outlook points to a bullish tilt
“In case EUR/USD starts using the 200-period SMA on the four-hour chart located at 1.0580 as support, 1.06 (Fibonacci 61.8% retracement of the latest downtrend, psychological level) aligns as interim resistance ahead of 1.0640 (static level) and 1.0660 (static level, former support).”
“Key support seems to have formed at 1.0560 (Fibonacci 50% retracement, 100-period SMA). A four-hour close below that level could attract bears and cause the pair to retreat toward 1.0520 (Fibonacci 38.2% retracement, 50-period SMA) and 1.05 (psychological level).”
“The Relative Strength Index (RSI) indicator holds above 50, confirming the bullish shift in the short-term outlook.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
