EUR/USD Reaches 8-Month High On Weaker Dollar

EUR/USD reaches 8-month high on weaker dollar

The EUR/USD maintained its highest levels since August 2015 against the dollar to touch the 1.1600 zone. The US dollar continue its slump on weak Chinese data and as the RBA cut rates. The RSI is bullish, and breaking the resistance point 1.1615 might extend the bullish trend toward 1.1645 and 1.1685.

However, the euro is still under pressure as the ECB left the door open for further easing in the coming months, and breaking 1.1515 gives a reverse sign toward 1.1500, 1.1475 and 1.1445 respectively.

EUR/USD Chart

Disclaimer: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

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