EUR/USD: Break Above 1.1448 Resistance Will Confirm Bullish Momentum

Fundamental Highlights

The euro rallies as improved market sentiment boosts demand for high beta currencies. A set of events occurred that helped in boosting sentiment: First, President Trump signed a declaration to reopen the U.S. government temporarily. Second, Head of China’s government, Li Keqiang commented during a news appearance and said that the Chinese economy “has enough resilience, potential and ample room for growth”. Finally, the euro was also boosted by improved sentiment surrounding the outcome of the Brexit deal. For today, investors will shift their focus towards Draghi’s speech, who was dovish when he last appeared after the ECB’s interest rate decision.

Technical Analysis

The euro range around the 13 and 50-period moving averages as investors are indecisive about the future trend bias of the pair. The break above the 1.1448 resistance will confirm that the pair’s momentum is now bullish, paving the way for a rise towards 1.1500. On the other hand, a break below the 1.1342 support will confirm that the pair’s momentum is now bearish, paving the way for a drop towards 1.1266.

Support: 1.1342 / 1.1266 Resistance: 1.1448 / 1.1500

EUR/USD Chart 28 Jan 2019

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