Price approximately at 6-week high

20 March, 2017

EURUSD is currently up for the day and roughly at the level of the six-week high of 1.0782 recorded on Thursday. The RSI indicator is pointing to a bullish short-term bias as it is well above the 50 neutral level at 61. The MACD histogram adds to the signal as it is positive and above the red line.

The 1.08 handle could serve as a psychological barrier to up movements in price. If the price crosses above, the current level of the 200-day moving average at 1.0886 is expected to provide additional resistance. Note that this also approximately coincides with the December 8 more than four-month high of 1.0872.

If the price heads down, the 1.07 point could prove a psychological support level. Slightly above, 1.0730 resisted a successful close below it in the three previous trading days and could hold some significance. Further down movement would shift the focus to the 50-day MA at 1.0655 as another support level.

The medium-term outlook looks neutral with the price currently in between the two MAs.

Overall, the short-term bias is bullish and the medium-term outlook is neutral.


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