- EUR/USD keeps grinding higher and has gained about 66 pips on Thursday evolving in a tight rising wedge. The major hurdle for bulls will be to break through the 1.1850 figure after which the 1.1900 handle should become the next target.
- However, a failure to break through 1.1850 can see EUR/USD consolidate sideways to down to the 1.1810 European congestion zone.
- Euro is underpinned by talks that ECB will consider ending Quantitative Easing at its next meeting.
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Spot rate: 1.1836
Relative change: 0.51%
High: 1.1840
Low: 1.1772
Trend: Bullish
Support 1: 1.1810 European session low
Support 2: 1.1770 congestion zone
Support 3: 1.1700 figure
Resistance 1: 1.1850 figure and near current Thursday’s high
Resistance 2: 1.1900 handle and 200-period SMA (4-hour)
Resistance 3: 1.1990-1.2000 May 14 swing high and daily 200-period SMA
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