NEW YORK (Forex News Now) – As of around 5:20 P.M. GMT on Wednesday, the euro was extending its rally against the dollar, after breaking above 1.39 and hitting a fresh 8-month high in European afternoon currency market trading.
This is what the analysts say about the heavily traded currency pair in the near-term:
According to Forexcycle, the uptrend from 1.2643 has resumed and next target would be around the 1.4 area. In the site’s EUR USD analysis, “Support remains at the trend line and followed by 1.3637, only break below 1.3637 could indicate that lengthier consolidation of uptrend is underway.”
FXstreet, for its part, notes that hourly indicators are mostly flat, giving no clear bias for upcoming session, while the 4-hour chart shows a persistent and strong bullish momentum in the pair.
The realtime forex news site sees near-term support for EUR/USD around 1.376 and immediate resistance at 1.395.
Meanwhile, in a useful report for technical analysis trading, Actionforex points out that the currency pair’s short-term outlook remains bullish, with support at 1.3636 intact.
The site adds that the “current rally is expected to continue to 100% projection of 1.1875 to 1.3330 from 1.2587 at 1.4024, which is close to 1.4 psychological level.”