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EUR/USD Chart 19/02/2016

EUR/USD traded lower yesterday and fell below the prior upside resistance line taken from the peak of the 4th of January. Nevertheless, the rate hit support at 1.1075 (S1) and rebounded. For now, I see the likelihood for the pair to move back above the aforementioned resistance line and perhaps aim for another test at the 1.1180 (R1) resistance line. A clear break above 1.1180 (R1) could extend the bounce and could initially aim for the 1.1270 (R2). Further rebound is also supported by our short-term oscillators. The RSI rebounded from slightly above its 30 line and now looks to be headed towards 50, while the MACD, although negative, has bottomed and just crossed above its trigger line. As for the broader trend, as long as EUR/USD is trading between the 1.0800 key zone and the psychological area of 1.1500, I would keep the view that the broader trend remains sideways.

EURO 19

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