EUR/USD jumps to test 2017 tops

19 May, 2017

EUR/USD jumps to test 2017 tops

The US dollar continues to get battered by its European counterpart so far this session, with EUR/USD now flirting with daily tops of 1.1164, as the bulls now target 1.1172 - 2017 tops on its way to conquer 1.12 handle.

EUR/USD sees a 60-pips rally in Europe

The EUR/USD pair almost reversed yesterday’s entire slide and now consolidates near half-yearly highs, as the USD bears remain in command across the board, despite a sharp rally seen in treasury yields.

A renewed risk-on wave gripped Europe, sending the European equities higher in tandem with the US yields, in the wake of a rally in oil prices. Hence, it appears that markets have looked past political uncertainty surrounding the Trump administration.

Meanwhile, better-than expected Eurozone current account and German PPI data also keeps the sentiment around the shared currency underpinned. European Monetary Union Current Account s.a above forecasts (€32.3B) in March: Actual (€34.1B)

EUR/USD Technical Levels

Valeria Bednarik, Chief Analyst at FXStreet notes: “The bullish stance is clear intraday as in the 4 hours chart, technical indicators resumed their advances after correcting extreme overbought readings. The Momentum is bouncing strongly from its 100 level, whilst the RSI indicator is heading north around 71. In the same chart, a bullish 20 SMA contained declines, now around 1.1105.”

“Above the mentioned high, the pair has scope to advance up to 1.1210, en route to 1.1260, a major long term resistance, while dips towards the 1.1080/1.1100 region will likely attract buying interest,” Valeria adds.

Source link   Presented by HYCM

EUR/USD: bearish tweezers

We've got an Engulfing and a Belt hold patterns on the 34 Moving Average. In this case, the market is likely going to test the nearest support once again...

EUR/USD: bullish three methods

We've got a bullish Three Methods, which has been confirmed. So, the market is likely going to continue moving up towards...

EUR/USD: possible ending diagonal

The price is still consolidating under 4/8 MM Level, which could be a departure point for wave [c]. The main target for wave 4 is 1/8 MM Level...

Harami and Shooting star

There's a developing bearish correction. We've got bearish patterns such a Harami and a Shooting Star at the last local high...

EUR/USD: bearish engulfing

The last bearish Harami has been confirmed by a Three Methods pattern, so the price is declining. The next bearish target is the 55 Moving Average...

EURUSD Breaks 1.20 For the First Time

EURUSD broke 1.20 for the first time since December 2014 on Tuesday, as further tensions between the US and North Korea brought...

34 & 55 MAS acted as support

The 34 & 55 Moving Averages have acted as support, so we've got bullish patterns such a Harami and a Hammer, which both were confirmed...

EUR/USD: bullish harami

There's a bullish Harami, which has been formed on the 34 Moving Average. Considering confirmation of this pattern, the price is likely going to test...

EUR/USD: double top pattern

The price is consolidating under the previously broken trend line. So, the pair is likely going to test the 34 Moving Average. If a pullback...