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EUR/USD Today Technical Report 30/03/2016

EUR/USD surged yesterday after Yellen’s speech left investors wondering whether the Fed will hike even once this year. The rally brought the rate above the resistance (now turned into support) barrier of 1.1260 (S1) and I would expect to see a test near the 1.1325 (R1) zone in the near future. The price structure on the 4-hour chart remains higher peaks and higher troughs and as a result, I would expect a decisive move above 1.1325 (R1) to open the way for the next resistance zone of 1.1370 (R2). Taking a look at our short-term oscillators though, I see signs that a possible setback could be in the works before the bulls decide to seize control again. The RSI shows signs of topping within its above-70 territory, while the MACD, although above both its zero and trigger lines, shows signs of topping as well. Switching to the daily chart, I see that EUR/USD is still trading between the 1.0800 key zone and the psychological area of 1.1500. Therefore, I would keep the view that the broader trend remains sideways.

EURO 30

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