- The EUR/USD in the 1H chart looks to be in consolidation. The RSI failing to break below 40 shows a lack of bearish momentum, but a failure to break back above 60, also shows weakness in the bulls – a setup for a possible reversal.
- In a correction with equality to the previous, the market would target 1.3330. We can see the 1.3350 to 1.3360 area to be support near the previous pivot and 61.
Although throughout the prior EU session and on the daily base the dollar plummeted to its lowest level against the Union currency amid signs that the worlds leading economy revival remains slothful and efforts of the EU to control the regions debt crisis with mixed housing data posted out today i.
We saw the EUR/USD hit an 8-week high in todays trading as we tested the 1.35 area during European session. This is going to be an important test for this pair. Will traders and investors “sell the rally” at this point or can the EUR/USD extend its recent momentum even further, further retracing its strong decline during November when we had the Irish debt crisis and rescue.
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