Technical Analysis for EUR/USD (Daily)
The USD resumed its decline Tuesday, falling to fresh multi-month lows Vs most of its peers. Risk on lead the way, fueled by another daily gain in Crude Oil prices that extended above Friday’s closing marks.
The single currency moved to 1.3780 Vs the Buck finishing near its high on the day, with solid support signaling further gains Wednesday.
The technical outlook of EUR/USD
The lack of upward momentum was present ever since the day started, it continued ahead of the Asian opening.
In the 4 hours, the technical indicators holding above their mid-lines, but with no directional strength. In the same chart, the price recovered above a now Bullish 20-Day SMA, suggesting the rally may extend during the upcoming sessions, particularly if markets’ mood remains positive.
But, it seems unlikely the market will push the pair beyond 1.1460 region ahead of the ECB economic policy decision Thursday, with speculators expected to take profits on the approaches.
Support marks:1.1335 1.1280 1.1235
Resistance marks: 1.1420 1.1460 1.1500
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