EUR/USD - Had a Sharp Upward Move Surpassing 1.0715 Critical Level - 03/17/2017 (GMT)

The EUR/USD pair edged higher over the last two days and surpassed the strong barrier at 1.0715. Euro added to its performance more than 1.6% against the greenback and is approaching our recommended resistance level at 1.0800 that we mentioned in our yesterday’s analysis (see technical analysis here: http://bit.ly/2mwkf8p).

If the price surpasses the aforementioned psychological level then the next level to watch is the descending trend line, that is holding since last May, near 1.0870 which overlaps with the 200-daily SMA. From the technical point of view, the common currency pair climbed above 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 pointing upwards in the bullish area. Going to a lower timeframe, technical indicators are moving in the overbought zone.