3 min readEURO VS DOLLAR (EUR/USD):
The Euro-Dollar pair has finally begun to show signs of upward momentum after tapping into and moving out of this lower demand zone, which also coincided with a rebalancing at the 50% Fibonacci level.
A closer look at the technicals reveals that once the price respected this internal support zone on the daily timeframe, it began to push higher. Price action quickly broke above the descending trend line, with momentum continuing to drive the price upward toward the daily 50 EMA. I’m now keen to see whether this upward momentum will persist or if the price will reverse and trade lower. The RSI indicator currently shows no signs of the price being either overbought or oversold.
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