EUR/USD has been rallying since the 1st day of this month. This was due to the weakness in the USD Dollar for the same period. The pair found strong resistance at around 1.24350 area and now it is moving sideways, waiting for the ECB today.
EUR/USD is still sitting on the overall long-term uptrend that started on the 1st of January last year. This momentum might continue if we see a strong break through the 1.24350 level. This could push the pair to higher levels like 1.25100 or even to 1.25560 (February’s high) at later stage. Both the RSI and MACD are in the positive zones, even though both oscillators are almost at their tops.
On the downside, if we see a break below the 1.23850 mark, then EUR/USD could get pushed back towards the 1.23500 level, that acted as a strong resistance in the past, but now could become a good support area. Further declines might follow, if we see a daily candle close below that level on the EUR/USD pair.
Wait for the ECB first and then make a move!
EUR/USD is still sitting on the overall long-term uptrend that started on the 1st of January last year. This momentum might continue if we see a strong break through the 1.24350 level. This could push the pair to higher levels like 1.25100 or even to 1.25560 (February’s high) at later stage. Both the RSI and MACD are in the positive zones, even though both oscillators are almost at their tops.
On the downside, if we see a break below the 1.23850 mark, then EUR/USD could get pushed back towards the 1.23500 level, that acted as a strong resistance in the past, but now could become a good support area. Further declines might follow, if we see a daily candle close below that level on the EUR/USD pair.
Wait for the ECB first and then make a move!