Following continued bullish momentum for many of the major currency pairs, these are now approaching key technical levels, which if breached could prove to be the tipping points for some sustained and longer term trends to develop.
The EURUSD pair rose during the session on Tuesday, after the Germans printed better than anticipated numbers with the Services PMI announcement.
EURUSD is now in uptrend from 1.3775.
EURUSD is facing 1.3879 resistance, a break above this level will signal resumption of the uptrend from 1.3672, then next target would be at 1.3950 area.
EURUSD broke above 1.3864 resistance. However, the rise from 1.3785 is likely consolidation of the downtrend from 1.3905,
It’s been a tough couple of weeks for eurodollar traders, with the pair trading in a congested range, testing the 1.3780 floor to the downside and the 1.3870 ceiling to the upside on the daily chart.
The EURUSD pair went back and forth during the session on Thursday, ultimately settling on a slightly positive candle.
This week market participants are getting a flurry of global economic data that has been and continues to have the potential to move the currency markets.
The EURUSD pair rose during the session on Wednesday, using the 1.38 level as a springboard. However, we pulled back enough to form a shooting star, and it appears that the market is going to continue to meander in this general sanity.
The EURUSD pair fell during the session on Monday, gapping lower as ECB members suggested that perhaps more monetary stimulus could come into play as the Euro is overvalued in their opinion.
