EURUSD has made a new recent high at 1.4268 before correcting lower on Monday within its near term upward trend. The USD news reported that the rate fell to a low of 1.4192, pushing below initial resistance seen at 1.4209.
Support level is seen below 1.4060 as a key psychological 1.4000 level. If break below these level indicated to 1.3752/1.3861 region to neutralize the currently bullish technical picture.
Euro still have a targets at 1.4281 for next resistance at the 1.4579 level. As we said that Euro at 200-day Moving Average 1.3403 and still rising. This also indicates a bullish medium term outlook for the rate and its level should effectively limit downside price action until a significant trend reversal takes place in EURUSD.
Furthermore, EURUSD’s 14-day RSI has also begun correcting lower after showing bearish divergence versus the price at the most recent high on Monday. The indicator is now reading in the upper part of neutral territory at 60 that could still impede upside price action in the near term.(FXNW/HQM)