EUR/USD pair, watch for a weekly close above 1.30
EUR/USD received a boost Friday morning after it broke above the top of the daily Ichimoku cloud at 1.2995; it has mostly stayed above 1.30 during the morning session in London.
The Key thing to watch for now is can it post a weekly close above 1.30?
If yes, this is a very Bullish development for this cross.
Momentum indicators do not suggest that this cross is overbought, so there may be some further upside coming.
A move above 1.3040 opens the way to re-test 1.3175, the highs from September/October.
This is a strong resistance zone, and it will be a big test for the Euro Bulls in the coming days if risk sentiment remains constructive. Stay tuned…
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Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.
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