FxWirePro: EUR/USD uptrend gains momentum as positive sentiment builds

• EUR/USD rose higher  on Tuesday as  investors welcoming ‌signs of a resumption of Middle East peace talks.

•U.S. President Donald Trump said Iran wants a deal, reiterated he will not allow Tehran to obtain nuclear weapons, and noted that 34 ships transited the Strait of Hormuz on Sunday. 

• Optimism persisted even as the U.S. escalated tensions by moving to block ships departing Iranian ports a step taken after diplomatic talks collapsed..

• EU Commission President Ursula von der Leyen said restoring freedom of navigation in the Strait of Hormuz is of “paramount” importance.

•Meanwhile, ECB policymaker Olli Rehn said a rate hike is not guaranteed at the April 30 meeting, as the central bank monitors Middle East tensions and spillover risks.

• Immediate resistance is located at 1.1816( Higher BB), any close above will push the pair towards 1.1843 (50%fib).

• Strong support is seen at 1.1740(61.8%fib) and break below could take the pair towards 1.1663 (April 13th low).

  Recommendation: Good to buy around 1.1770 , with stop loss of 1.1700 and target price of 1.1860