Technical Analysis – EURTRY moves near all-time high; further upside movement is expected
March 22, 2018 2:26 pm
EURTRY reached an all-time high near the 4.8700 handle on Tuesday as the price extended its bullish run after it jumped above the 4.7350 key level. The bullish picture in the medium-term has been holding since February 2017 and is further supported by the technical indicators.
Short-term momentum indicators are also pointing to the bullish bias. The RSI indicator is sloping to the upside and is approaching the overbought zone while the MACD oscillator surpassed the trigger line but is moving with weak momentum.
Should prices reverse lower, immediate support could come at 4.7350, which is near the 20-day simple moving average. Below that, the 23.6% Fibonacci retracement level of the upleg from 3.7660 to 4.8700 is another major support around 4.6094.
To the upside, a major resistance to watch is the 261.8% Fibonacci extension level of 5.1085 of the last downward correction with the high on November 24, 2017, at 4.47202 to the low on January 9, 2018, at 4.4760.
EURTRY reached an all-time high near the 4.8700 handle on Tuesday as the price extended its bullish run after it jumped above the 4.7350 key level. The bullish picture in the medium-term has been holding since February 2017 and is further supported by the technical indicators.
Short-term momentum indicators are also pointing to the bullish bias. The RSI indicator is sloping to the upside and is approaching the overbought zone while the MACD oscillator surpassed the trigger line but is moving with weak momentum.
Should prices reverse lower, immediate support could come at 4.7350, which is near the 20-day simple moving average. Below that, the 23.6% Fibonacci retracement level of the upleg from 3.7660 to 4.8700 is another major support around 4.6094.
To the upside, a major resistance to watch is the 261.8% Fibonacci extension level of 5.1085 of the last downward correction with the high on November 24, 2017, at 4.47202 to the low on January 9, 2018, at 4.4760.
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