EURUSD gains were limited to reaching 1.2445, before easing back for meeting its daily SMA50 at 1.2272 whereas it formed its higher low for bouncing up for trading currently near 1.2380.
The pair is still boosted over longer range by continued being above its daily SMA100 and also above its daily SMA200.
After forming a lower high below 1.2555 at 1.2445, EURUSD is now trading in its seventh consecutive day above its daily Parabolic SAR (step 0.02, maximum 0.2) which is reading today 1.2212.
Forming a lower high at 1.2445 came as a result of forming a lower low at 1.2154 on Mar. 1 below 1.2205 bottom of last Feb. 9.
The pair is still negatively impacted over the short term by forming this lower low at 1.2154 which gave the pair longer leeway for trading below last Feb. 16 peak which has been at 1.2555.
EURUSD daily RSI-14 is referring now to existence inside the neutral region reading 54.624.
EURUSD daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is having now its main line in its neutral area at 65.410 leading to the upside its signal line which is lower in this same area at 53.076.
Important levels: Daily SMA50 @ 1.2298, Daily SMA100 @ 1.2044 and Daily SMA200 @ 1.1853
S&R:
S1: 1.2272
S2: 1.2154
S3: 1.1915
R1: 1.2445
R2: 1.2555
R3: 1.2599
Kind Regards
Global Market Strategist of FX-Recommends
Walid Salah El Din
