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Thomson Reuters
Aug 29 - 02:36 AM
EUR/USD - COMMENT-EUR/USD Bulls Need Fresh Impetus To Push On
First appeared on eFXplus on Aug 28 - 10:40 PM

The EUR/USD recovery from 1.1300 has been impressive, but may need fresh news to maintain upward momentum.
The 1.1750-80 area holds some significant technical resistance including a series of daily highs since July 9, the 100-day moving average at 1.1755 and the 38.2 Fibo of the 2018 decline at 1.1780.
Yesterday's move to 1.1734 might have been enough to force shorts to cover and inspire fresh longs.
The price action through the end of this week will likely determine if EUR/USD has the legs to tackle and break those critical resistance levels.
The lack of key data this week means that month-end flows could dominate the price action and they can be extremely difficult to predict.
A break below yesterday's 1.1663 low would warn the short-term trend higher is losing momentum, and a break below the 55-day MA at 1.1613 would suggest the EUR/USD needs to retrace to the 10-day MA at 1.1567 before it is ready to resume the uptrend.

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Source:
Thomson Reuters IFR Markets

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