EUR/USD 4-HOUR CHART – BROKEN CHALLENGING MONTHLY DOWNTREND

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EUR/USD has been extending its gains, hitting a high above 1.21 as the dollar retreats. US yields are falling amid uncertainty about US fiscal stimulus.

Zooming into the 4-hour chart shows price challenging key confluent resistance at the downtrend extending from the January high and range resistance at 1.2055 – 1.2075. EUR/USD has jumped above the 1.2050 level ,a clear separator of ranges and has broken above 1.2060 previous support breakout point on the four-hour chart, a clear bullish sign.

Alongside upside momentum, there seems to be more room for gains. Resistance awaits at 1.2130, which provided support in early January. It is followed by 1.2180 resistance zone which coincides with Fibonacci 161.8%. Further above, 1.220 was a significant price cap. The development of the MACD indicator hint at swelling bullish momentum, as the oscillators climb to their highest intraday levels since January 25.

Some support awaits at 1.2060, where the breakout point of the descending trend-line which turn support.Further down, 1.20 and 1.1950 await EUR/USD

The material has been provided by InstaForex Company – www.instaforex.com

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