According to FXStreet Editor and Analyst, Omkar Godbole, the EUR/USD pair is likely to rise to 1.14 levels, with technicals supporting the bullish gains.
Key Quotes
“The EUR/USD pair fell to 1.1390 levels after breaching the hourly 50-SMA, then located at 1.1410 levels. The losses were extended further as the pair fell to a low of 1.1303 before recovering to trade at 1.1347 levels.”
“Meanwhile, the hourly chart shows, the pair is now stuck in the range of 1.1320-1.1364. A break above 1.1364 shall push the pair to 1.14 levels, while a break below 1.1320 shall open doors for a re-test of 1.1260 levels.”
“However, the likelihood of an upside breakout is more since the pair has recovered to trade above the hourly 200-SMA located at 1.1329 levels and 10-DMA located at 1.1332 levels.”
“The bullish crossover between the 5-DMA and the 10-DMA also supports rise to 1.14 levels.”
“The pair may not be able to extend gains beyond 1.1420 since the hourly and the daily RSI are hovering well below 50.00 levels.”
Key Quotes
“The EUR/USD pair fell to 1.1390 levels after breaching the hourly 50-SMA, then located at 1.1410 levels. The losses were extended further as the pair fell to a low of 1.1303 before recovering to trade at 1.1347 levels.”
“Meanwhile, the hourly chart shows, the pair is now stuck in the range of 1.1320-1.1364. A break above 1.1364 shall push the pair to 1.14 levels, while a break below 1.1320 shall open doors for a re-test of 1.1260 levels.”
“However, the likelihood of an upside breakout is more since the pair has recovered to trade above the hourly 200-SMA located at 1.1329 levels and 10-DMA located at 1.1332 levels.”
“The bullish crossover between the 5-DMA and the 10-DMA also supports rise to 1.14 levels.”
“The pair may not be able to extend gains beyond 1.1420 since the hourly and the daily RSI are hovering well below 50.00 levels.”
