XM Group - Analytics

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    Technical Analysis – EURUSD losing upside momentum

    EURUSD maintains its bullish structure as long as the market remains above the Ichimoku cloud. However upside momentum is not strong at the moment. MACD has barely crossed above the zero line and the RSI is falling (although it remains in bullish territory above 50).

    Any upside moves will be limited at 1.1217 (Thursday’s post-ECB high). Prices have been retracing that rally and have fallen below the key 1.11 level and below the 200-day moving average. A fall into the cloud would weaken the recent bullish move from early March and bring the key 1.10 level into sight. A break below 1.10 would bring the bias back to neutral.

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