EUR/USD (current price: 1.1260)
The U.S. Dollar remains relatively weak since the release of the U.S. Employment report two weeks ago, as traders now think that the bullish labor market data won’t be enough for the FED to raise interest rates this year, despite the easing international tensions. The pair held above the 200-day MA and broke above the 1.11875 resistance as we expected, with further upside possible up to the resistance lines near 1.1375 and 1.1450 in the coming days, especially if global stocks markets remain positive.
Our assessment: EUR/USD rallied more than 200 pips since hitting the 200-day MA two weeks ago, and the short-term uptrend seems intact despite the neutral long-term picture.
