The EURUSD currency pair on the Daily Chart has been in an uptrend since 24 April 2020 when it registered the low price at 1.07263, followed by a series of higher tops and higher bottoms.
On 6 August 2020, the EURUSD currency pair recorded the high price of 1.19153.
When applying Oscillator Analysis to the price chart, one can see that price is trading above the SMA 60 period Moving Average line, a fact which confirms the Euro’s upward bias.
Furthermore, the Moving Average/Convergence Divergence (MACD) Oscillator is recording values above the zero line which hints to the bullish bias of the financial instrument.
In addition, the Relative Strength Index (RSI) Oscillator registers values above the fifty line which indicates positive sentiment. All three technical indicators are in agreement with regards to the upward bias of the pair.
Three price targets may be calculated upon applying the Fibonacci tool to the price chart.
- The first price target is estimated at 1.15783 (161.8%).
- The second price target is seen at 1.18321 (261.8%).
- The third price target is projected at 1.22428 (423.6%).
While the first target and the second have already been breached, the Euro is currently trading above the uptrend line. The presence of the Bullish Hammer hints at potential further rally to the upside. Of course, supply and demand as well as the crowd sentiment will determine the future course of Euro.
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