EURUSD Upside Momentum Increases on Daily

1 giu 2020

The EURUSD's EMAs are in a bullish stack. The green 5-day EMA is above the orange 13-day EMA, and the orange 13-day EMA is above the black 34-day EMA. Moreover the EMAs are showing good angle and separation (red ellipse). This is a signal of a strong underlying momentum. This strength has taken the EURUSD pair above the resistance around the 1.10 level (green shaded horizontal) and price is now challenging 1.1140 (blue shaded horizontal). If the EMAs maintain their formation, there is a probability that price will move above this level of resistance.