TechnoMeter

Gains in the pair stalled ahead of the 1.18 handle, while the failure to close above resistance at 1.1775, allows for the pair test lower levels at 1.17, however, the rising trendline from Jan 2017 continues to offer support. Previous resistance at 1.1720 will be the next target on the upside with 1.1755, which marks the 23.6% Fibonacci retracement of the 2018 peak - 2018 low another level of interest on the upside. In the short term, EURUSD has softened, however, on the weekly timeframe, momentum is towards the upside, a close above the aforementioned 1.1775 level can allow for a run in on 1.1820.



Upside bias in the cross remains intact having made a break above the trendline resistance from the 2018 high. Following the break, eyes are now on the double top posted in May at 131.40, before a grind towards the 132 handle. The 100DMA situated at 130.10 now acts as support for the cross, while RSI indicators suggest that there is more room for further gains with the index not yet moved into overbought territory.

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