By Christopher Romano — Mar 01 - 12:10 PM
Tuesday's inverted hammer candle initially followed by a EUR/USD drop
EUR/USD fell below the daily cloud base then traded 1.0567 on EBS
Buyers emerged however as risk-on sentiment took hold
EUR/USD rallied above Tuesday's high, negated the inverted hammer signal
Pair also rallied above the 10-DMA & struck a 6-session high
Rising daily, monthly RSIs imply upside momentum is in place
1.0700/25 resistance (21 & 55-DMAs, 38.2% Fib 1.1034-1.0533) looms above
Break of that zone targets the daily cloud top, 50% Fib 1.1035-1.0533
Should resistance near 1.0800 break longs likely to target near 1.1000
For more click on FXBUZ
Source:
Refinitiv IFR Research/Market Commentary