EUR/USD - EUR/USD Struggled Below 100-SMA After the Aggressive Bullish Run - 11/16/2017 (GMT)

The single currency had a strong bullish rally against the greenback over the last trading days as it added, however, it failed to end the day above the 100-SMA and posted a neutral to bearish session. On Tuesday, the EUR/USD pair recorded an upside breakout of the narrow range 1.1575 – 1.1690. Our expectation is a further extension of the upside movement until our recommended target at 1.1880. (see previous analysis here: http://bit.ly/2zYRMTr).

The technical indicators, on the short-term chart, are endorsing the bullish thought as both are giving signals for further upside potential move. The RSI indicator entered the 50 level with strong momentum, whilst the MACD oscillator is still rising within the negative territory. The 50 and 100 SMAs are acting as strong obstacles as the price is developing between them.