5 Dec 2013
EUR/USD trades at 5-week highs at 1.3670
FXstreet.com (San Francisco) - The EUR/USD is extending its uptrend after the US economic data and less dovish comments from the ECB and following a 130 positive movement in the last three hours, the EUR/USD has touched highest levels since October 31 at 1.3670.
Currently, the EUR/USD is trading at 1.3660, 0.55% positive on the day. The short term perspective remains slightly bullish according to the FXstreet.com trend index in the 1-hour chart. MACD, CCI and Momentum are pointing to the north while the Stochastic is bearish.
EUR/USD technical outlook
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com notes that the pair holds the positive bias, as price stands now above 1.3625, 61.8% retracement of its latest daily fall. "As long as above that level, the upside remains favored, with dips down to 1.3580 now attracting buyers", said Bednarik.
Above the 1.3670, the EUR/USD would face resistances at 1.3700 and 1.3710. On the downside, supports are at 1.3640, 1.3625 and 1.3540.
Currently, the EUR/USD is trading at 1.3660, 0.55% positive on the day. The short term perspective remains slightly bullish according to the FXstreet.com trend index in the 1-hour chart. MACD, CCI and Momentum are pointing to the north while the Stochastic is bearish.
EUR/USD technical outlook
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com notes that the pair holds the positive bias, as price stands now above 1.3625, 61.8% retracement of its latest daily fall. "As long as above that level, the upside remains favored, with dips down to 1.3580 now attracting buyers", said Bednarik.
Above the 1.3670, the EUR/USD would face resistances at 1.3700 and 1.3710. On the downside, supports are at 1.3640, 1.3625 and 1.3540.