The EUR/USD pair has refreshed its five-month high at 1.0549 in the Asian session. The major currency pair has witnessed a juggernaut rally after a responsive buying action below 1.0440 on Friday. The US Dollar has witnessed immense pressure amid the risk appetite theme and is an inch far from testing the previous week’s low around 104.38.
Meanwhile, S&P500 is displaying a subdued performance ahead of US Services PMI data. The 10-year US Treasury yields have recovered to near 3.53% portraying a cautious mood despite improvement in risk-sensitive assets.
The EUR/USD pair has shifted its business above the psychological resistance of 1.0500 after a breakout of the neutral channel formation on an hourly scale. The breakout of the aforementioned chart pattern indicates more upside ahead.
The 20-and 50-period Exponential Moving Averages (EMAs) at 1.0526 and 1.0494 respectively are aiming higher, which adds to the upside filters.
Meanwhile, the Relative Strength Index (RSI) (14) is attempting to shift into the bullish range of 60.00-80.00, which indicates more upside ahead.
Going forward, a break above a fresh five-month high at 1.0552 will drive the major currency pair toward the round-level resistance at 1.0600, followed by May 5 high at 1.0642.
On the flip side, a drop below Friday’s low at 1.0429 will drag the major currency pair toward December 1 low at 1.0393. A slippage below the latter will drag the asset toward November 30 low at 1.0290.
© 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.