Currency Analyst since 2010

EUR/USD isn't wavered by EZ data

EUR/USD is trading a bit on the upside this week. The pair has shrugged off weaker than expected PMIs released in the euro area yesterday and lower German IFO business climate which has been published today. It seems that for now the lack of clear signs from the Federal Reserve last week is a stronger mover for the pair.

On the H1 we see that the pair has breached up the triangle. It means that euro has potential to rise to $1.3642 and then to $1.3666/88 area (200-day MA/38.2% Fibo). At H4 there’s some divergence at MACD and RSI, so a dip is likely to come. Support lies at $1.3590, $1.3575 and $1.3563.


Chart. H1 EUR/USD

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