The break above the 100-day moving average earlier this week helped shift the bias to bullish in the short term. EURUSD maintains a positive outlook as prices rose above the key 1.1300 level this morning.
A daily close above 1.1300 would open the way towards 1.1350. Strong resistance is expected at 1.1427, which is the June 24 high. But clearing this level would bring the May 3 high of 1.1615 into view.
RSI is still rising and is well into bullish territory but is approaching overbought levels at 70. If upside momentum fades and brings a reversal in prices, immediate support lies at the 100-day moving average currently around 1.1227. A fall below this would shift the short term bias back to the downside to target the next major support at the key 1.1100 level, which is close to the 200-day moving average.
A fall below the 200-day moving average would end the recent bullish phase.
Origin: XM
