EUR/USD Technical Analysis: March 13, 2017
The single European currency was able to remain in the driver’s seat following the hawkish remarks from ECB President, Mario Draghi. Moreover, the broad-based retracement of the greens open doors for the euro to recover few of its losses.
The current rebound from region 1.0525 that pulled away the euro from the red. The EUR have sustained its winning position on Friday. The buyers were able to push 1.0600 during EU opening and advanced towards 1.0615 during the latter part of the day.
The 4-hour chart presented the 100 and 50-EMA to ascend and come nearer to the 200-EMA. Moreover, the 50-EMA shifted towards the upper level, 100-EMA appeared neutral and the 200-EMA preserved a bearish trend. Resistance touched 1.0650, support is at 1.0600.
The MACD histogram came in the positive territory. Upon maintaining this grounds, buyers will gain more strength. RSI headed north indicating an upward impetus.
The euro indicated an overbought condition. Forecasts say that pullback is expected within the market in the near-term. The next focus is at 1.0550 mark
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