EUR/USD breaks short-term channel – Société Générale
Source Fxstreet
EUR/USD is regaining upside traction after defending its 50-DMA and breaking above a short-term channel, with momentum indicators supporting a test of key resistance levels, Société Générale's FX analysts note.
Euro regains upward momentum
"EUR/USD defended the 50-DMA near 1.1065 (now at 1.1300) and broke out from a short-term channel denoting regaining upward momentum. This is also highlighted by the daily MACD, which remains anchored within positive territory and has crossed above trigger line."
"The pair is approaching April high of 1.1570/1.1610. Defence of recent pivot low at 1.1370 will be crucial for persistence in up move. If the pair establishes beyond 1.1570/1.1610, the up move may extend towards projections of 1.1780 and 1.1885."
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
In a recent CryptoQuant Quicktake post, contributor Crazzyblockk highlighted key Bitcoin (BTC) cost basis zones that the leading cryptocurrency must clear – or avoid breaking below – to
Ripple (XRP) price trades broadly sideways at around $2.41 on Friday, rising slightly after a minor correction from this week’s peak of $2.65 to support $2.34.
Avalanche (AVAX) is gaining bullish momentum, extending gains on Friday, trading at $25.74 as investor confidence grows on the back of two major developments.
Ethereum pushed above the $2,820 mark yesterday, strengthening the bullish case for a breakout after weeks of consolidation. The move has created renewed optimism among traders who expect ETH to
Litecoin (LTC) is showing signs of weakness on Thursday as it fails to break above its key resistance level. The price action emerges as a classic dead-cat bounce pattern, which favors bears.
Related Instrument
