EUR/USD - Edged Sharply Higher at 10-Month High - Profit Booked! - 06/28/2017 (GMT)

The common currency pair edged higher during and after ECB President Mario Draghi’s speech yesterday and helped the price to reach our recommended target at 1.1285 (see technical analysis here: http://bit.ly/2tfuW6b). The EUR/USD pair surged more than 1.3% and climbed above the key level 1.1210 while it approached today the 1.1365 resistance barrier. The sharp upward move may drive the price towards the next immediate psychological resistance level at 1.1500. Also, the price added 170 pips in just one day.

From a technical point of view, on the daily chart, the consolidation area 1.1130 – 1.1285 penetrated to the upside while the simple moving averages are sloping north. The RSI indicator is approaching the 70 level as well as the overbought zone. The MACD oscillator created a positive crossover with its trigger line indicating stronger pair in the next sessions.