Eur/usd - page 460
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The single currency recorded a second consecutive increase against the dollar on Thursday. The trend has been extremely volatile, as in the early hours bullish sentiment prevailed. The pair tested the resistance at 1.1183, after marking an intraday hight at 1.1164, but a couldn’t breakthrough it. Short-term expectations remain in favor of the euro.
Yesterday EURUSD rallied but found enough selling pressure to give back to the market some of its gains but managed to close in the green, although near the low of the day and closed within the previous day range, which suggests being slightly on the bearish side of neutral.
The pair managed to close above the 200-day moving average that now should act as a dynamic support and continues to trade above the 10-day moving average that is acting as dynamic support but the 50-day moving average is acting as dynamic resistance.
The key levels to watch are: The 50-day moving average at 1.1190 (resistance), the 200-day moving average at 1.1107 (resistance), a daily resistance at 1.1097, the 10-day moving average at 1.1080 (support) and daily support 1.0900.
EUR/USD got a boost to eight-session highs of 1.1164 into the N.Y. open, though it appeared all the upside was from playing piggy-back to cable, which rallied over 200 points after the BoE remained on hold. Since then, the market has had a change of heart, with the euro heading briefly under 1.1100, before steadying at 1.1120-30. As has been the case for over a week, EUR/USD was unable to close above 1.1100 on Wednesday, and it remains to be seen if the pairing can pull off that feat today.
Momentum has turned positive as the MACD (moving average convergence divergence) index generated a buy signal. This occurs as the spread (the 12-day moving average minus the 26-day moving average) crosses above the 9-day moving average of the spread.
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Momentum has turned positive as the MACD (moving average convergence divergence) index generated a buy signal. This occurs as the spread (the 12-day moving average minus the 26-day moving average) crosses above the 9-day moving average of the spread.