EUR/USD - EUR/USD Challenged Again 1.0715 Resistance Barrier - 03/16/2017 (GMT)

Euro traded sharply higher against the U.S. dollar over yesterday’s session and surged more than 1.2% following the rebound on the 1.0600 strong psychological level. The weakness of greenback helped the EUR/USD pair to climb above the 1.0715 barrier. The price could move as high as 1.0800 in the coming days which is near with the descending trend line that is holding since May of 2016.

From the technical point of view, the common currency pair surpassed the 50 and 100 SMAs on the daily chart while the technical indicators are signalling further upward movement. MACD entered the positive path with strong momentum while RSI is flattening in the bullish area. Going to a lower timeframe, technical indicators are moving in the overbought zone.