EUR/USD: next key resistance at 1.3150

by Admin

Positive mood rules market today, with high yielders extending their advance and EUR/USD breaking above 1.3115 Fibonacci level at the time being. The overall tone  of the pair may extend now up to next strong resistance area around 1.3150 where the pair presents several daily highs and lows, and selling orders are rumored to be aligned. However, a break above the level, will expose the 1.3230 area, 50% retracement of the latest daily fall. 

On the other hand, momentum indicator in the 4 hours chart diverges from price action, posting lower highs and nearing the 100 level: if current candle closes below 1.3110, and momentum crosses its midline, a downward corrective movement may extend towards 1.3040/50 price zone.

View Live Chart for EUR/USD

E