EURUSD bullish after breaking above 100-day moving average

May 7, 2015

EURUSD has been gaining momentum and reached fresh 3-month highs of 1.1370 in early European session trading on Thursday. The pair accelerated gains after breaking above the 100-day moving average on Wednesday. The market is also above the 23.6% Fibonacci retracement level of 1.1293 of the downleg from 1.3992 (May 2014 high) to 1.0461 (March 2015 low). This level will act as immediate support in the case of a drop in prices. Below this, next support lies at 1.1051 (March 26 high).

The near-term bias is bullish as prices are now above the daily Ichimoku cloud and the tenkan-sen and kijun-sen lines are rising. The RSI is above 50, also a bullish signal. There is scope to target 1.1532 (February 3 high) and then the next Fibonacci level at 1.1812 (38.2% Fib).

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