EUR/USD - Is Posting a Weak Bullish Movement - Challenged Our Recommended Target - 10/11/2017 (GMT)
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EUR/USD Chart
The EUR/USD pair jumped higher on the back of U.S. dollar weakness yesterday and early this morning it challenged the 1.1830 resistance level, which is our recommended target (see technical analysis here: http://bit.ly/2y5KFqL). The common currency pair rose more than 0.7% this week, following the bounce off the 1.1690 support barrier, which coincides with the 100-SMA.
The next level to watch is the 1.2030 resistance handle if the price climbs above the 50-day SMA. The price is developing within a narrow range 1.1690 – 1.1830 over the last twelve days. On the daily timeframe, the RSI indicator hit the 50 level and is ready to surpass it. Also, the MACD oscillator is rising in the negative territory above the trigger line.
The next level to watch is the 1.2030 resistance handle if the price climbs above the 50-day SMA. The price is developing within a narrow range 1.1690 – 1.1830 over the last twelve days. On the daily timeframe, the RSI indicator hit the 50 level and is ready to surpass it. Also, the MACD oscillator is rising in the negative territory above the trigger line.
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