EUR/USD traded higher on Tuesday after it hit support at 1.0860 (S3). Subsequently, the rate emerged above two resistance (now turned into support) barriers in a row and now looks to be headed towards the key obstacle of 1.0985 (R1). Given that the pair has been oscillating between that resistance and the support zone of 1.0800, I would consider the short-term trend to still be to the sideways. I would prefer to see a decisive move above 1.0985 (R1) before assuming that the near-term outlook has turned somewhat positive. Something like that could initially aim for the 1.1045 (R2) resistance area. Our short-term oscillators reveal upside momentum and support the case that the pair could continue higher first for a while, at least for a test at 1.0985 (R1). The RSI emerged back above its 50 line, while the MACD has bottomed slightly above zero and crossed above its trigger line. In the bigger picture, I will hold the view that as long as the pair is trading above the key support zone of 1.0800, the medium-term picture stays flat as well.
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