EUR/USD rallied once again and managed to overcome the 1.3893 hurdle

on Mar 13, 2014
  • EUR/USD rallied once again and managed to overcome the 1.3893 hurdle. Such a break confirms the resumption of the longer-term uptrend and I would expect the longs to target the 1.4000 (R1) key resistance first, where a break may pave the way towards 1.4200 (R2). The structure of higher highs and higher lows remains in progress and since the rate is trading above both the moving averages, the outlook remains to the upside. The MACD, already in its bullish territory, crossed above its trigger line, indicating strengthening bullish momentum. I would not rely on the overbought reading of the RSI since the oscillator is pointing up.
  • Support: 1.3893 (S1), 1.3810 (S2), 1.3770 (S3).
  • Resistance: 1.4000 (R1), 1.4200 (R2), 1.4550 (R3).

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