FxWirePro
Long

EUR/USD short-term bull rally likely prolong above 23.6% Fibos

FX:EURUSD   Euro Fx/U.S. Dollar
159 0 6
The  euro             continue to drag yesterday's bullish momentum with minor gains as the pair trades at the 1.1403.

For now, more bullish potential in short run is expected after bouncing above 1.1260 (i.e. 21DMA & also 23.6% Fibo on monthly).           

You can observe even though the prices drop yesterday, it has shown a strong support at 1. 1320             to bounce above 7DMA again.

RSI (14) on daily chart converging to the prevailing upswings and being bullish bias (Currently, daily RSI trending above 68 while articulating).

This is an indication of buying momentum when prices touched 1.1403 levels by taking the computation of last 14 day periods the magnitude of recent gains to recent losses in an attempt to signify the overbought zone is nearing but no signs of selling in short run.

While slow stochastic curves have remained in overbought zone, no indications of sell yet again (Currently, %D line at 84.5753, while %K line at 87.0024). These leading oscillators on monthly curve also signals healthy convergence to the price rallies.

We spot out a bounce above 23.6% fibo levels (i.e. 1.1261), this move creates even more upside potential, sideways trend lasted for more than a year now showing slight strength upto nexxt resistance at 1.1460 levels.

Hence, despite short term uptrend upto 1.1460, in long run we still uphold our projections between 1.1460 to 1.1261 (23.6% fibos) by Q2 end-2016.

With this short term bullish atmosphere, we advocate to remain long in near month futures for target upto 1.1460 levels.
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out