Current
After Thursday’s close at around $1.0527, the currency pair shows strength again on Monday, rising almost 1.2%. So far today, the share price has continued to move slightly upwards at 0.06%. In the medium-term upward trend, the share price fell on Nov. 21. marked an interim low at around $1.0245. With today’s descent, the EUR/USD has again reached a new post-parity high. With the current recovery move, the price has also crossed the 50-day moving average. Reasons for the increase can be found, among others, in the economic figures from the U.S. published yesterday, where, among other things, the unemployment figures were published.
Outlook
On the daily chart, the upward trend has continued in the current week. A short-term relevant horizontal support has been established in the area around $1.0393. The next important resistance is in the area of $1.0621. If the price continues to stay above and respect the support, this can be interpreted as a bullish signal and we could see another rise above the last short-term high at $1.0245. However, if the support is broken, we could see a downside move to the next support at $1.0237. Otherwise, there is a possibility of a sideways movement, where the price could continue to stay in the $1.05300 area.
