EUR/USD - Posted Another Positive Week - Ready to Surpass 1.1870 - 08/04/2017 (GMT)

The EUR/USD pair recorded a new 31-month high the 1.1910 price level during Wednesday’s trading period. On Thursday, the common currency pair tried to hit the latter level but failed to end the day well above the 1.1870 handle. Today, the day started slightly above 1.1870 and we are expecting for further bullish trend until the 1.2040 resistance barrier. Also, the pair is completing the fourth bullish week in a row. The non-farm payrolls report this afternoon will play significant role for the next price action. There is a possibility of a correction to the downside until the 1.1615 support level.

However, on the daily chart, the technical indicators are confirming the recent upward momentum. The MACD oscillator is rising and is strengthening in the positive path, whilst the RSI indicator is developing within the overbought zone. It is worth mentioning that the pair successfully surpassed the 200-week SMA and it struggles near the 50-month SMA.