EUR/USD targets 1.1418

EURUSD D1 (03-31-2016 1616)

Euro’s rebound from 1.1310 followed by a break above 1.1376 (Feb 11 high) has opened doors for 1.1418 (23.6% of May 14 high-Mar15 low).

The move indicates a recovery from Dec low of 1.0517 has resumed and a break above 1.1418 would see prices challenge offers around 1.15.

However, short-term loss of bullish momentum could see the spot fall back to 1.13, but overall outlook stays bullish unless support at 1.1257 is breached.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s