The pair slowly grew in the Asian session

8 February, 2017

The US dollar extended its gains on Tuesday. The US currency found a solid support at 111.50 which rejected the price upwards. The pair slowly grew in the Asian session and accelerated its rally after the European session opening. Buyers continued driving the spot upwards during the day approaching 113.50. The price continued developing well below its moving averages in the 4 hours chart. All the moving averages maintained their bearish slope in the same chart. The resistance is highlighted at 113.00, the support comes in at 112.00.

MACD grew which indicates the sellers’ positions weakening. RSI bounced off the oversold territory and advanced north.

Trading recommendations

If bulls retain control over the market, we cannot rule out the chance of breaking the level at 113.00 in the upcoming sessions.


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