EUR/USD technical analysis: Extending longest daily winning streak since March

  • EUR/USD rose for the fourth straight day on Thursday. 
  • Daily chart favors an extension of the long winning run since March. 
  • A minor pullback may precede further gains toward 1.1448. 

EUR/USD closed higher for the fourth consecutive day on Monday to register its longest daily winning streak since March 20.

The pair gained 0.26 percent on Monday, having found acceptance above the 200-day moving average on Friday. 

As of writing, EUR/USD is trading at 1.1403, having hit a fresh three-month high of 1.1403 soon before press time. 

With technical charts biased bullish, the pair is looking to extend the four-day winning run. 

The currency pair closed well above the 200-day moving average on Friday, activating twin bullish cues of higher low, higher high pattern and an inverse head-and-shoulders breakout. 

Further, the 5- and 10-day moving averages are beginning to trend north in favor of the bulls. However, the relative strength index on the hourly and 4-hour charts is reporting overbought conditions with an above-70 print. 

As a result, EUR/USD may consolidate around 1.14 or could see a minor drop to 1.1370 before rising further toward resistances lined up at 1.1448 (Mar 20 high) and 1.1514 (Jan. 31 high). 

On the downside, key levels to watch out for are 1.1349 (200-day MA), 1.1347 (June 7 high), and 1.13 (psychological support)

Daily chart

Trend: Bullish

Pivot points

Articles You May Like

Live Forex Trading USD/JPY: Watch the Trade Start to Finish! 📈📉
AUD, NZD Pop Higher On Report US Considering China Currency Pact
US shares end higher but late China headlines take some shine off the day’s gains
CAD bearish bias weakest since July 31, risk reversals show
👉👉 Estrategia Rentable Scalping 😎😎 2 Indicadores que Funcionan para una en Forex 15 minutos ⏰

Leave a Reply

Your email address will not be published. Required fields are marked *