EUR/USD
EUR USD
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Type: Forex
Ticker: EURUSD
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EUR/USD - Soared Above 1.0700 Critical Level - 03/13/2017 (GMT)

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  • Timeframe : Daily

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The euro traded higher against all of the major currencies during last week as it outperformed thanks to recent comments from European Central Bank President Mario Draghi. The previous week, the ECB left monetary policy unchanged and during Mario Draghi’s speech, the EUR/USD pair climbed above the 1.0600 strong psychological level.

The common currency pair edged sharply higher following the bounce off the 1.0500 strong support barrier and over the last two weeks it surged more than 1%. Early this morning, the price managed to challenge the 1.0700 barrier and we expect further rising move if the price surpasses above the 1.0715 resistance barrier. The next level to watch is the 1.0830 obstacle which overlaps with descending trend line on the daily chart whilst the technical indicators are endorsing the bullish thought. The MACD oscillator has just entered into the positive path and RSI indicator is moving higher approaching the 70 level. In the case of a pullback if the U.S. dollar is stronger than euro, then the pair will slip lower and may hit again the 1.0630 support handle.
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