Forex: EUR/USD rises 0.60% so far today to reach 1.4230, fresh 5-month high
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Forex: EUR/USD rises 0.60% so far today to reach 1.4230, fresh 5-month highFITITOL–>FXstreet.com (Barcelona) – The Euro has risen around 115 pips against Dollar in the last hour from 1.4115 to reach a new 5-month high at 1.4230. EUR/USD is trading around 1.4210/20, 0.60% above today’s opening price at 1.4105.
During the Asian session, the pair rose to posted 1.4165 as previous intra-day high and fell to find support at 1.4115. In the last hour, EUR/USD jumped up to break the previous high and post a fresh 5-month high at 1.4230.
According to Tim Salem, FXstreet.com collaborator, EUR/USD has been correcting its previous high: “The Correction looks to penetrate Dynamic Support from the Hourly 20SMA at 1.4128, as Price develops out of a Symmetrical Triple-Top Formation. The Range is Contained between the Daily Pivot of 1.4082 and Daily Static Resistance at 1.4174. 1.4229 and 1.4262 Resistance Areas will follow if the 20SMA Hold and Momentum continues. Downside Risk has Price breaching through the Pivot, and onto Daily Dynamic Support at 1.4043, followed statically by 1.3989 which will largely Negate the recent Upleg, as Price will be back in the Congestion Zone of the prior Range. Further Deterioration sees 1.3932 Dynamic Support followed by the Hourly 200SMA at 1.3913. Violation here sees Full Bearish Momentum as 1.3839 Daily Static Support will see Oversold RSI Readings and Slope with a 20/200SMA Hourly Bearish Cross as Confirmation in the Immediate-Term.”
Salem provide us with him levels: “Support levels: 1.4129 1.4082 1.4043 1.3989. Resistance levels: 1.4174 1.4229 1.4262 1.4298.”
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