Euro Bulls Dominate Price Action Mid-Week

• 5 Apr 2018

EUR/JPY

The EUR/JPY pair is testing the high price SMA to the upside, as buying pressure has risen in the last few trading sessions. Momentum indicators support the bullish sentiment, with MACD approaching the zero line.

EUR/NZD

The EUR/NZD pair has hit a significant support area at the 1.677 price level and is now testing a secondary support level at the 1.684 price level. Clearly, a break would signal a reversal in sentiment, which is supported by a momentum reversal on RSI.

EUR/CHF

The EUR/CHF pair continues to test a recent market top at the 1.180 price level. At the same time, RSI is approaching the overbought area at the 70 line. MACD has flattened in bullish territory. Fundamental factors are likely to determine near-term price action for the pair.

EUR/CAD

The EUR/CAD pair has reached oversold conditions and there are signs that the bearish momentum is beginning to decelerate. An inverted hammer candle in yesterday’s session highlights that there may be a price reversal imminent. RSI has stalled above the 30 zone.