EUR/USD’s daily chart shows an impending golden crossover. A similar cross seen in May 2017 had accelerated the preceding uptrend. A long-term indicator is about to turn bullish for the first time in three years, EUR/USD’s daily chart shows. The ascending 50-day simple moving average (SMA), currently at 1.01022, is on track to cross above the 200-day SMA at 1.1035. That would confirm a golden cross, an indicator of bull markets. A similar golden cross was last seen in May 2017 when the pair was trading at 1.12, having bottomed out near 1.04 in December 2016. The confirmation of the bull cross accelerated that uptrend, which peaked above 1.125 in February 2018. History may repeat itself, as the pair has just broken out of a falling wedge, a bullish continuation pattern. In addition, the 14-day relative strength index (RSI) is reporting bullish conditions with a below-50 print. The golden cross often traps buyers on the wrong side of the market when the RSI is reporting overbought conditions with an above-70 print. At press time, EUR/USD is seen at 1.1320. The immediate resistance is located at 1.1422 (June 10 high), which, if breached, would expose the March high of 1.15. The falling wedge breakout has opened the doors to 1.18 (target as per the measured move method). On the downside, Friday’s low of 1.1168 is the level to beat for the sellers. Daily chart Trend: Bullish Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Gold to shine further amid falling US yields, coronavirus crisis – CBA FX Street 2 years EUR/USD's daily chart shows an impending golden crossover. A similar cross seen in May 2017 had accelerated the preceding uptrend. A long-term indicator is about to turn bullish for the first time in three years, EUR/USD’s daily chart shows. The ascending 50-day simple moving average (SMA), currently at 1.01022, is on track to cross above the 200-day SMA at 1.1035. That would confirm a golden cross, an indicator of bull markets. A similar golden cross was last seen in May 2017 when the pair was trading at 1.12, having bottomed out near 1.04 in December 2016. The confirmation of… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
