NEW YORK (Forex News Now) – As of around 5:30 P.M. GMT on Wednesday, the euro was surging versus the dollar, hitting a new 5-month high in currency market trading.
This is what the analysts say about the heavily traded currency pair in the near-term:
According to FXstreet, the euro has been “continuing gaining with little or no corrective pullbacks in the middle.” But the Barcelona-based site warns, in its EUR USD analysis, that the hourly chart shows indicators losing momentum, while the 20 SMA turned flat.
Forexcycle, meanwhile, believes the pair’s uptrend could be expected to continue and next target would be at 1.3700-1.3750 area, as long as support at 1.3381 is held. However, a break below 1.3381 could indicate that the rise from 1.2643 is complete, the site says.
In a useful report for technical analysis trading, Actionforex, for its part, states: “Intraday bias remains on the upside and current rally is targeting 100% projection of 1.1875 to 1.3330 from 1.2587 at 1.4024, which is close to 1.4 psychological level.”
The currency market trading news site notes, however, that below minor support at 1.3552, intraday bias will turn neutral and result in a retreat.