EUR/USD Price Analysis: Euro hits four-month high of 1.1423

  • EUR/USD prints a four-month high of 1.1423 in Asia. 
  • The pair witnessed a bullish breakout above 1.1349 on Tuesday. 

EUR/USD jumped to a four-month high of 1.1423 soon before press time, taking the week-to-date gain to 1.10%. 

The pair closed well above 1.1349 on Tuesday, invalidating the bearish lower high setup created on the daily chart on June 23 and bolstering the bullish view put forward by a descending triangle breakout witnessed earlier this month. 

As such, the pairs move to four-month highs is not surprising. Further gains could be seen during the day ahead as the daily chart MACD histogram has crossed into the bullish territory above zero. In addition, the 14-day relative strength index (RSI) is reporting bullish conditions with an above-50 print. 

The bullish bias, however, would be invalidated if the currency pair drops below the ascending 10-day simple moving average (SMA) currently located at 1.1316.

Daily chart

Trend: Bullish

Technical levels

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