EUR/USD Pair Moving Up
Good Investment Group | Aug 20, 2015 02:31AM ET
The dollar’s rise in the past couple of days, since Thursday the 13th, ended yesterday the 19th, as at around evening time, the EU finance ministers approved the 1st portion of the bailout plan to Greece. As a result, the EUR climbed around 100 pips during the night.
Today, there are 3 major reports in the USA to monitor:
· Unemployment claims
· Existing home sales
· Philly Fed Manufacturing Index
From a technical point of view: it was only a matter of time for this EUR liftoff to happen. The pair had been moving up the week followed Thursday 13th, and during this week, had corrected down, giving buying opportunity for the long termers.
On a daily time frame, the pair is above 20 MA, RSI level is positive above 50, and the price is at around 23.6 Fibonacci level, which is a good place to buy.
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