- EUR/USD’s daily chart shows a range breakout and suggests scope for stronger gains.
- The key indicator reports bullish conditions, supporting the price breakout.
EUR/USD is looking north, having breached key hurdle with the biggest single-day percentage gain in 7.5 weeks.
The pair jumped 0.91% on Monday on broad-based US dollar selling. A bigger single-day gain was last seen on March 29.
More importantly, Monday’s close at 1.0916 marked an upside break of the eight-day trading range of 1.0766-1.0896. The range breakout has opened the doors to the psychological hurdle of 1.10.
Supporting the case for a continued upward move is the above-50 or bullish reading on the 14-day relative strength index. The immediate bullish bias would be invalidated if the spot falls back below Monday’s low of 1.08. At press time, EUR/USD is trading at 1.0918.
Daily chart
Trend: Bullish
Technical levels
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