The American dollar's relentless sell-off has pushed the EUR/USD close to the resistance of the trendline falling from July 2008 and May 2014 highs.
At press time, the trendline resistance is located at 1.1788. The pair clocked a high fo 1.1781 during the overnight trade and is now trading at 1.1764, representing a 0.9% gain on a week-to-date basis.
A strong move above 1.1788 would imply an end of the decade long macro bearish trend. That said, the 61.8% Fibonacci retracement of the sell-off from the February 2018 high of 1.2556 to the 2020 low of 1.0636 is located at 1.1822. A violation there would be stronger evidence of the bullish breakout.
However, with the 14-day relative strength index reporting extreme overbought conditions, the bulls may have a tough time forcing a convincing break above 1.1822 in the short-run.
The pair looks vulnerable to a sudden pullback to the ascending 5-day simple moving average (SMA), currently at 1.1667. 
#EUR/USD##FX##USDollarWeakness#
Reprinted from FXStreet，the copyright all reserved by the original author.
免責事項：本記事で述べられている見解は著者の見解のみであり、Followmeの公式見解を反映するものではありません。Followmeは、提供された情報の正確性、完全性、信頼性について一切責任を負いません。また、書面で明示的に記載されている場合を除き、本記事の内容に基づいて行われたいかなる行動についても責任を負いません。
古いコメントはありません。ソファをつかむ最初のものになりましょう。