NEW YORK (Forex News Now) – As of around 6:40 A.M. GMT on Wednesday, the euro was approaching an 8-month high against the dollar during early European currency market trading.
This is what the analysts say about the heavily traded currency pair in the near-term:
FXstreet quoted the AceTrader team as saying that the euro’s rally suggests consolidation with upside bias and further gain towards 1.3985/87.
But analysts added that, “Near term overbought condition should cap price at 1.4012 and yield retreat later,” according to the realtime forex news site.
Forexcyle, for its part, said range trading between 1.3637 and 1.4029 is to be expected in the coming days.
According to the site’s EUR USD analysis, “As long as 1.3637 key support holds, the fall from 1.4029 is treated as consolidation of uptrend, another rise to 1.4200 is still possible.”
Meanwhile, in a report aimed at technical analysis trading, Forexyard said EUR/USD is on the upside and is challenging its resistance.
However, the site warned that “a pull back should not be ruled out ahead of a further move up.”