NEW YORK (Forex News Now) – As of around 10:40 A.M. GMT on Thursday, the euro was soaring against the dollar after hitting a fresh 8-month high in European morning currency market trading.
This is what the analysts say about the heavily traded currency pair in the near-term:
FXstreet says EUR/USD is still strongly bullish and moving off the daily doji on 12th.
“There is nothing to suggest a slowdown in the pair,” the realtime forex news site adds, putting short-term resistance at 1.4143 and then 1.425.
Meanwhile, Forexcyle notes that further rise for the currency pair is still possible in the coming days, and next target would be around the 1.42-1.43 area.
According to the site’s EUR USD analysis, “Key support is at 1.3775 only break below this level could indicate that the rise from 1.2587 is complete.”
In a report geared towards technical analysis trading, Actionforex points out that intraday bias is back on the upside and a further rally is expected to medium-term trend line resistance at 1.4572.
The site goes on to say, “On the downside, break of 1.3775 support is needed to signal topping.”