EUR/USD rose sharply on Tuesday extending gains from the previous session, after Janet Yellen dragged down the dollar by strongly emphasizing that the Federal Reserve should proceed cautiously in normalizing its current monetary policy cycle.
The currency pair traded in a broad range between 1.1169 and 1.1303, before settling at 1.1292.
EUR/USD likely gained support at 1.0538, the low from December 3 and was met with resistance at 1.1496, the high from Oct. 15.
Now EUR/USD is near to the latest resistance which is 1.1320 if its break these the chances for reach 1.1496 will increase.
Now EUR/USD is near to the latest resistance which is 1.1320 if its break these the chances for reach 1.1496 will increase.
Our Preference:- Long Above @1.1278 with target 1.1357 and 1.1433 for further extension
Alternative :- Short below 1.1278 with target 1.1206 for further retracement.
Both RSI and Moving Average moves in bullish direction and EUR/USD creates the Bullish Flag Pattern which means we will more Bullish movement during the European Session.
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