EURUSD is consolidating in Thursday’s Asian and early European session after a modest correction to the $1.3520 area. The pair broke what was key resistance at this level and hit a high of $1.3536 yesterday.
This $1.3520 level now becomes key support and the pair is currently hovering around this level. The sharp 60-pip rally from Wednesday and a pause today provides a good backdrop for a possible continuation higher to $1.3567 (September 19 high). A break above opens the way to the 1.36s and to February high of $1.3709.
The USD remains weak ahead as a result of concerns of the US budget debate. It would be a good opportunity to buy EURUSD on a dip , especially in the lower 1.35 area. Key support is a $1.3500. But a break below $1.3461, Wednesday’s low, will negate the bullish bias.
Currently indicators have a bullish bias on the 4-hour chart . RSI is above 50 (bullish) and stochastic is approaching the 80 level (bullish) Price action is above MA50, MA 20 and MA200 as well as above Ichimoku cloud.
EURUSD is consolidating in Thursday’s Asian and early European session after a modest correction to the $1.3520 area. The pair broke what was key resistance at this level and hit a high of $1.3536 yesterday.
This $1.3520 level now becomes key support and the pair is currently hovering around this level.
The sharp 60-pip rally from Wednesday and a pause today provides a good backdrop for a possible continuation higher to $1.3567 (September 19 high). A break above opens the way to the 1.36s and to February high of $1.3709.
The USD remains weak ahead as a result of concerns of the US budget debate.
It would be a good opportunity to buy EURUSD on a dip , especially in the lower 1.35 area. Key support is a $1.3500.
But a break below $1.3461, Wednesday’s low, will negate the bullish bias.
Currently indicators have a bullish bias on the 4-hour chart .
RSI is above 50 (bullish) and stochastic is approaching the 80 level (bullish)
Price action is above MA50, MA 20 and MA200 as well as above Ichimoku cloud.
EURUSD 4H chart
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