EUR/USD - Challenged a Fresh 23-Month High and Is Trading Towards 1.1715 - 07/21/2017 (GMT)

It has been a busy trading day on Thursday with the Euro heading to new highs following the ECB meeting. The common currency pair challenged an almost 23-month high at 1.1658 and surged 1% in just one trading period. The EUR/USD pair is creating an aggressive bullish run and is recording the fifth straight green month and added at its performance almost 10% since March. In addition, the price surpassed successfully the 1.1615 significant barrier and if it ends the month above it, it should only be a matter of time before it breaks the two-year high at 1.1715.

The technical structure suggests further upward movement as both indicators are moving higher. The Relative Strength Index (RSI) approached the overbought zone with strong momentum whilst the MACD oscillator climbed above its trigger line and is rising in the positive territory. The three simple moving averages (50, 100 and 200) are still pointing to the upside indicating bullish bias.