Has finally managed to close back above the 10-Day SMA for the first time in over a month, with the move suggesting that the market could be preparing for some fresh corrective upside over the coming days.
EUR/USD: Has finally managed to close back above the 10-Day SMA for the first time in over a month, with the move suggesting that the market could be preparing for some fresh corrective upside over the coming days. Next key resistance comes in at 1.3840, which coincides with the 09Feb high and 20-Day SMA. A break of this level will then expose 1.4000 further up, while inability to hold above 1.3840 will suggest that the market is poised for some bearish resumption.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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