EUR/USD stays in a short-term upward

21 March, 2017

The euro ignored positive Producer Price Index in Germany. The single currency weakened amid the US dollar recovery on Monday. The market is focused on the Presidential debates in France. Weidmann's speech (German Bundesbank President) will attract investors’ attention as well.

Current situation

The EUR/USD remained in bulls' hands on Monday. Buyers broke the level 1.0750 in the night and stopped after reaching 1.0777. The majors stayed neutral to negative flirting with 1.0750 during the European hours. The euro slightly weakened ahead of NY opening. The price was above the moving averages in the 4 hours timeframe. The 50 and 100 EMAs kept heading higher while the 200-EMA was neutral in the same chart. The resistance is at 1.0800, the support comes in at 1.0750.

MACD remained at the same level which confirms the strength of buyers. RSI oscillator stayed near overbought levels, favoring a move lower.

Trading recommendations

The EUR/USD pair stays in a short-term upward channel. Buyers pushed the price to its upper limit the other day. In view of the overbought conditions a move towards the lower limit at 1.0700 is a possible scenario now. 


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