EUR/USD Edging Higher And Opening Forex Trades
Skerdian Meta • 1 min read
EUR/USD is making a move this morning. It got pulled up by the GBP surge on Tuesday. However, that stopped by the evening and yesterday we only saw consolidation in most forex pairs.
This morning though, EUR/USD is making another run higher and I can´t see any apparent reasons. Actually, there have been some economic events coming in from Europe this morning, German PPI (producer price index) missed the expectated figures but the Eurozone construction output rose by 6.9%, while European bonds are rallying.
Nevertheless, I don´t think that´s the reason. The French elections are due in a few days with only a few trading sessions left until the forex market closes on Friday. So, this is likely a relief rally.
Whatever it is (a combination of all these reason, I think), it took EUR/CHF above 1.0710 for the first time in about two weeks, so we had to close our forex signal in this pair manually.
Besides, the EUR/USD is running up to some decent support/resistance levels. We´re not far away from 1.08. That level was breached last month, but it should still provide some resistance on the way up, enough for a short term forex signal. So, we´re preparing to open a short term sell forex signal in EUR/USD.
We also opened another sell signal in AUD/USD. We mentioned yesterday, in one of our updates, that this pair has been the weakest one. This Euro jump today has pulled this pair up to the 50 SMA on the H1 forex chart, so we think the retrace higher is now over and that´s why we opened this signal.