EUR.USD Technical Analysis

Look at the Chart below of the EUR.USD.

A couple of points to consider:

1. The short term down trend signified by the red lines is over for now. The trend of lower highs and lower lows has ceased with the recent breakout after the Federal Reserve meeting.
2. The 50 day EMA (Purple Line) has crossed below the 200 day EMA(Green Line) which is knows as the ‘death cross’. This may indicate that the USD may continue to strengthen versus the Euro. 
3. Both these moving averages will now act as resistance at the 1.1920 level. If the currency pair can break above this level next resistance is at 1.20.
4. On the support side the recent lows at 1.1750 followed by 1.17 will act as support. 

A test of 1.1920 may offer a short term opportunity to buy USD. However a break above these levels leaves a clear path to 1.20. Have clear stops in mind if trading this pair. 

Happy Investing

Stephen