EUR/USD is regaining upside traction after defending its 50-DMA and breaking above a short-term channel, with momentum indicators supporting a check of key resistance ranges, Société Générale’s FX analysts be aware.
Euro regains upward momentum
“EUR/USD defended the 50-DMA close to 1.1065 (now at 1.1300) and broke out from a short-term channel denoting regaining upward momentum. That is additionally highlighted by the each day MACD, which stays anchored inside optimistic territory and has crossed above set off line.”
“The pair is approaching April excessive of 1.1570/1.1610. Defence of latest pivot low at 1.1370 will likely be essential for persistence in up transfer. If the pair establishes past 1.1570/1.1610, the up transfer might prolong in direction of projections of 1.1780 and 1.1885.”
