EUR/USD is trying to gain additional upside momentum ahead of the release of Producer Prices data from U.S.Euro Is Mostly Flat Against U.S. Dollar
EUR/USD managed to get above the resistance at 1.1420 and tries to gain additional upside momentum while U.S. dollar is flat against a broad basket of currencies.The U.S. Dollar Index is stuck near the 95 level. In case the U.S. Dollar Index manages to settle below this level, it will move towards the support at 94.75 which will be bullish for EUR/USD.
Technical Analysis.EUR/USD has recently managed to settle above the resistance at 1.1420 and is trying to get to the test of the next resistance level which is located at 1.1460. In case EUR/USD gets above this level, it will head towards the next resistance at 1.1490.RSI remains in the moderate territory, so there is plenty of room to gain additional momentum in case the right catalysts emerge. If EUR/USD gets above 1.1490, it will move towards the next resistance level at 1.1525.
On the support side, the previous resistance at 1.1420 will serve as the first support level for EUR/USD. If EUR/USD declines below this level, it will move towards the next support at 1.1390. A successful test of the support at 1.1390 will push EUR/USD towards the 50 EMA which is located near 1.1360.
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