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Home » Daily Technical Reports » EUR/USD Today Chart 25/02/2016

EUR/USD Today Chart 25/02/2016

EUR/USD slid below the 1.0985 (S1) barrier yesterday, but hit support above the 1.0940 (S2) barrier and then it rebounded to trade back above 1.10985 (S1). Given that EUR/USD is now above 1.0985 (S1), which is the upper bound of the sideways range the pair had been trading from the 3rd of December until the 3rd of February, I would expect the next move to be positive. The rate I also trading above the downtrend line taken from the peak of the 11th of February and looks able to challenge the 1.1045 (R1) resistance hurdle. A move above that line could initially aim for the next resistance at 1.1075 (R2). Our short-term oscillators support the notion that EUR/USD could trade higher for a while. The RSI continued higher and is now headed for a test at its 50 line, while the MACD has bottomed and 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.



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