EUR/USD extends gains to fresh two-week high, runs into 100-day moving average

Technical Analysis

EUR/USD rises to a session high of 1.0975

EUR/USD D1 19-05
See here for global coronavirus case data

The dollar and yen are continuing to stay pressured on the session, with the euro among the lead gainers as we see EUR/USD make fresh two-week highs of 1.0975 currently.

Notably, the euro is also posting a solid run higher against the franc since yesterday with EUR/CHF recovering from its “floor” around 1.0515 to 1.0655 at the moment.

As for the EUR/USD, the pair is now running into resistance from the 100-day MA (red line) @ 1.0972. That was the level that halted the upside move in early May with the daily close failing to break the 1.1000 handle at the time.

It will be a real test of buyers’ resolve once again to see if they can manage that this time.

Beyond that, there is further resistance from the 200-day MA (blue line) and 1 May high at 1.1017-18 currently. A break above those levels will give buyers more initiative to chase a move towards the late March high @ 1.1163 next potentially.

Let’s block ads! (Why?)

Forexlive RSS Breaking technicalanalysis feed

Leave a Reply

Your email address will not be published. Required fields are marked *