29 Apr 2015
EUR/USD rises further, threatens 1.1100
FXStreet (Córdoba) - EUR/USD extended gains to a fresh 8-week high as the dollar continues to weaken on the back of disappointing US GDP data.
EUR/USD reached its highest level since March 5 at 1.1096 on the third wave attempt and continues to trade near highs, despite in line with expectations US pending home sales. At time of writing, EUR/USD is trading at the 1.1075 zone, recording a 0.87% gain.
The next risk event is the Federal Reserve monetary policy decision. Investors will be looking for any clues to the timing of the lift-off in the FOMC statement. The US dollar has fallen sharply during the last weeks as in the light of recent weak data, expectations of a June rate hike have been fading.
EUR/USD short-term perspective
“Technically, the 1 hour chart shows that the technical indicators head strongly higher, with the RSI in extreme overbought territory, whilst the 20 SMA provides intraday support around 1.0990”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the bias is also higher, despite indicators are in overbought territory, supporting additional advances up to the 1.1120 price zone”.
EUR/USD reached its highest level since March 5 at 1.1096 on the third wave attempt and continues to trade near highs, despite in line with expectations US pending home sales. At time of writing, EUR/USD is trading at the 1.1075 zone, recording a 0.87% gain.
The next risk event is the Federal Reserve monetary policy decision. Investors will be looking for any clues to the timing of the lift-off in the FOMC statement. The US dollar has fallen sharply during the last weeks as in the light of recent weak data, expectations of a June rate hike have been fading.
EUR/USD short-term perspective
“Technically, the 1 hour chart shows that the technical indicators head strongly higher, with the RSI in extreme overbought territory, whilst the 20 SMA provides intraday support around 1.0990”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the bias is also higher, despite indicators are in overbought territory, supporting additional advances up to the 1.1120 price zone”.