Trading | 6 months ago
Currently The EUR/USD pair is up by 0.09%, trading around the 1.2160 level. It has created a fresh weekly high of 1.2179 on Tuesday. But as the US dollar found some support, EUR/USD pair fell by 0.03%.
EUR/USD pair was sluggish during the first day of Fed Chair Jerome Powell’s semi-annual testimony to Congress. But the pair is trading at a critical level and within few hours' things could become a lot clearer. So far it has rejected the bearish strength and showing a small upward directional momentum.
The latest Purchasing Managers' Index (PMI) reports from France and Germany showed a massive increase in export orders of manufacturing industries. Also considering the fact that Americans are getting ready implement a massive stimulus package. This will put pressure on dollar provide a support to Euro. Technical indicators like RSI also shows that bearish momentum in the EUR/USD pair has lost and is not in the overbought level.
Currently, EUR/USD pair is trending upwards. The trend is starting to look favorable for euro. As one can see in this chart, EUR/USD pair is not able to breach the resistance of 1.2160 level. The EUR/USD pair is stable above 20 SMA in the daily chart. One must look for buying opportunities in EUR/USD pair at this level.
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