EUR/USD - EUR/USD Jumped Above 1.0800 Strong Critical Level - 03/22/2017 (GMT)

Euro traded sharply higher against the greenback during yesterday’s period as it rose more than 0.6% and surpassed the 1.0800 significant psychological level. Also, the EUR/USD pair is recording the fourth positive consecutive week while it remained slightly below the 1.0830 resistance barrier and failed to reach it. Technical indicators are signalling for further rising move, however, the descending trend line on the daily chart that is standing since May of 2016, it seems to be a strong obstacle for the bulls and it needs a strong push for an upward run. The next levels to watch to the upside are the 1.0870 resistance handle and the 1.0935 barrier. If the price fell below 1.0800, it will hit again 1.0715.

From the technical point of view, on the daily chart, the MACD oscillator is moving with strong momentum higher and is developing above its trigger line. The RSI indicator is approaching the overbought zone and the 70 level. In addition, the stochastic oscillator created a bullish crossover within its moving averages into the positive territory indicating bullish movement.