EUR/USD tries to break above 1.1995

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 43% 43% 0.00%
Shorts 57% 57% 0.00%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Neutral Neutral Sell
Stochastic (5; 3; 3) Buy Sell Sell
Alligator (13; 8; 5) Buy Buy Buy
SAR (0.02; 0.2) Buy Buy Buy
Aggregate

As it was forecasted, the currency exchange rate failed to make any substantial moves yesterday. To be precise, bears tried to push the pair to the bottom at least three times but all these attempts were neutralized by a combination of the 55- and 100-hour SMAs. 

Accordingly, today it is testing a resistance that is located in the area between the 1.1985 and 1.1995 levels. A number of technical suggests that this attempt is going to fail, as the pair is overbought. 

On the other hand, the rate experiences constant pressure from the above mentioned moving averages, which now became also strengthened by the 200-hour SMA. 

From this perspective, the surge towards the weekly R1 at 1.2039 seems a more likely scenario. 

In addition, if the German ZEW Economic Sentiment will justify expectations that could give the Euro a necessary impulse to reach the above target.

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