Forex Trading Library

EURUSD Rises to a Two-Week High

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The euro currency continues to push higher, rising for the third consecutive day, to a two-week high.

The gains, however, are slowing as price moves closer to the 1.2144 – 1.2177 level of resistance. We also continue to see the hidden bearish divergence on the chart, which could suggest a pullback.

To the downside, price is likely to stall near the 1.2050 level of support for the moment. However, a close below this level could see the Feb 5 lows of 1.1952 come into the picture.

If the current bullish moment continues, then the euro currency will need to break out above 1.2177 to confirm further upside.

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