NEW YORK (Forex News Now) – As of around 8:00 A.M. GMT on Monday, the euro was rising against the U.S. dollar, as it approached an 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 quotes Mizuho Corporate Bank as saying that for two weeks, EUR/USD has been struggling at the top of a very thin weekly Ichimoku ‘cloud.’
“Price action of the last two weeks is probably an irregular ‘flag’ and we continue to favour buying dips for new highs later this year,” the realtime forex news site adds.
Forexcyle, for its part, notes that EUR/USD has stayed in a trading range between 1.3698 and 1.4152.
According to the site’s intraday analysis, “Another rise to test 1.4152 key resistance is still possible later today, a break above this level will indicate that the uptrend from 1.2587 has resumed, then further rise towards 1.4500 could be seen.”
Meanwhile, in a report aimed at technical analysis trading, Precise Trader notes that the Hourly Trend has been creeping higher, with price targets of 1.4050/1.4100-60/1.4235 levels.
The analyst adds, “The Opening Price Principles are Mixed but USD is Weak against most of the Crosses, so the Bears may have to be Sidelined until 13920 is regained.”