EURUSD is having difficulties to go any higher

20 February, 2017

The dollar fell on Friday amid a light market due to US President's Day. Investors are monitoring the US political situation and waiting for a decision on financial aid to Greece.

Current situation

The upside momentum seemed to have run out of steam on Friday. The euro was not able to surpass the mark 1.0680 and pulled back. The market was quite during the Asia session and became more agile in the European morning. European traders brought some dollar’s demand pushing the spot lower. The euro sharply dropped and tested 1.0650 post-European open. The level stopped sellers’ advance rejecting the pair upwards. The EURUSD pair bounced off the 100-EMA, broke the 200-EMA downwards and tested the 50-EMA. The 50 and the 100-EMAs pointed lower while the 200-EMA was bullish-neutral in the mentioned timeframe. The resistance is at 1.0700, the support comes in at 1.0650.

MACD entered the positive area. If MACD remains in the positive territory, buyers’ positions will strengthen. RSI indicator stayed within the overvalued readings and moved downwards.

Trading recommendations

EURUSD is having difficulties to go any higher. A break below 1.0600 suggests further weakness of the major towards the 1.0550 level. If the level stands it is a good time to buy on a dip.

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