FxWirePro: EUR/USD runs out of steam but maintains bullish outlook
The EUR/USD pair halted its rise on Friday as US dollar strengthened across the board after data showed a pickup in US wages in January. The pair initially rose towards 1.1250 levels, before slipping back towards 1.1130 …
The EUR/USD pair halted its rise on Friday as US dollar strengthened across the board after data showed a pickup in US wages in January. The pair initially rose towards 1.1250 levels, before slipping back towards 1.1130 levels.
The pair continues to remain in bullish tone, despite the euro losing some ground against dollar in the early US session.
Technically short term picture depicts bullish trend for this pair, as the RSI in the 4 hour chart is positive territory at 62. The 55 30 and 20 MA's are also pointing towards upwards. Overall the technical indicators are depicting more upside for this pair.
To the upside, the strong resistance can be seen at 1.1217, a break above this level would expose the pair to next resistance level at 1.1247 levels.
To the downside strong support can be seen at 1.1045, a break below at this level will open the door towards next level at 1.1000.
Recommendation: Go long around 1.1070, targets around 1.1140/1.1200, SL 1.1000
