EUR/USD consolidates gains above 1,0970

FXStreet – The Euro appreciated against the US Dollar on the second trading day in a row. In the top traded the currency pair EUR/USD today on 1,0990 and, hence, a new 1-week High. Then, investors decided to start taking first profit and the common currency retreated to 1,0975. Since Friday afternoon, the Euro rate rose by more than a hundred Pips.

And again, the EUR/USD traded close to the psychologically important mark of 1,1000. Most recently, it jumped on Monday after the France-elections on these key hurdle – could not stabilize, but they staged a downward correction.

The US Dollar falls to week kick-off against all major currencies. To blame were again disappointing precipitated economic data. The much acclaimed early indicator broke in the Form of the NY Empire State Index surprisingly to -1.0 points. However, the NAHB housing market index put a shovel and climbed over the 70-point mark.

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Technical Outlook

The currency pair is listed last on 1,0980 – trend bullish. “The chart-technical situation in the 4-hour chart remains bullish, while the technical indicators entered overbought market conditions and the listing is trading above an important Fibonacci support at 1,0930. For additional momentum to the upward smoothing of the lines (20 – and 100-SMA act in 1,0890/90)“, said Valeria Bednarik, chief market analyst at FXStreet.

Our expert, the next resistance is seen at 1.1000 and 1,1020. “The currency is likely to appreciate few without much Problem up in the direction of 1,1060”.

** FXStreet News Editorial, FXStreet**

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