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Home » Euro at six-week highs as dollar bulls retreat

Euro at six-week highs as dollar bulls retreat

The next upside target for EURUSD now arrives in the 1.1130 area, where the current rally has stalled

by Joseph Deen
March 2, 2020 09:40
in Technical analysis
0
Tech analysis

EURUSD 

EURUSD jumped to mid-January highs above 1.11, extending gains from the recent lows below 1.08. The technical picture in the daily charts continues to improve. Of note, the pair has recovered above all the three key moving averages since Friday and looks set to reclaim the upside momentum should the euro finish the day above the 1.11 level. The daily RSI is nearing the oversold territory around 70 but continues to point north, suggesting further gains may lie ahead, at least in the near term. The next upside target now arrives in the 1.1130 area, where the current rally has stalled. 

GBPUSD

GBPUSD failed to break above the 1.2850 intermediate resistance earlier in the day and turned red in the daily timeframes following three bearish days in a row. The fact that the pair attracts demand on upside attempts and remains below the 50-, 100-, and 200-DMAs is pointing to the possibility of additional falls in the near term. Furthermore, the RSI remains above the oversold conditions, staying above 30, suggesting more room for a decline. As such, the immediate support arrives at 1.2750. Once below, the prices may threaten Friday’s lows around 1.2725.

USDJPY

The pair has lost the upside steam once it reached daily highs around 108.60 marginally above the 200-DMA and retreated below 108.00 again. Still, the dollar remains in the green on the daily charts, suggesting the downside momentum is limited now. On the other hand, USDJPY registered fresh early-October lows at 107.35 at the start of the day, suggesting the prices may suffer new losses should the greenback fail to cling to the current levels. On the upside, the immediate resistance now comes at 108.00 and then at 108.30. 

USDCAD

USDCAD dipped quickly on Monday, following three days of gains in a row. The daily RSI has bounced from the 70 level and is pointing to the downside, targeting the neutral zone. On Friday, the pair rallied to mid-2019 highs and saw the biggest weekly gains since late-2018. But the dollar has attracted sellers at high levels which caused a local correction at the start of the week. Anyway, the pair remains bullish, also staying far above the key moving averages, with downside risks looking limited at this stage. A daily close above 1.3330 will confirm the limited nature of a bearish potential in the near term. 

EURJPY

The cross remains highly volatile these days, struggling for a clear direction on the daily timeframes. EURJPY plunged to early-October lows around 118.35 on Friday and managed to recover above the 120.00 handle at the start of the week. Still, the pair has encountered a local resistance at the 200-DMA in the 120.25 zone and had to retreat partially due to some profit taking. As the prices remain below the key moving averages, the bullish potential remains limited while on the downside, the immediate support now arrives at 119.40.

Tags: EURJPYEURUSDGBPUSDUSDCADUSDJPY
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Joseph Deen

Joseph Deen

Joseph is a technical analysis expert. A graduate of NYU, Joseph has a master's degree in mathematics. On FWNews, Joseph provides exchange rates reviews and forecasts.

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