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EUR/USD might rally to 1.2887 levels today - FXStreet

FXStreet (Łódź) - FXStreet Editor and Analyst Omkar Godbole observes that EUR/USD is trading sideways on Friday, close to the 1.28 area

Key quotes

"The EUR/USD pair finished above 1.28 levels yesterday, having recovered from the sell-ff which saw the pair testing the 5-day moving average level of 1.2737."

"The sharp recovery also ensured that the daily RSI remained comfortably above the 50 levels. The pair is trading in a sideways manner around 1.28 levels today."

"The hourly RSI has held above 50.00 levels, although a fresh demand for the Euros can be anticipated only above 1.2840 levels."

"Moreover, the pair can rally to 1.2887 levels today if the prices confirm a breach of resistance level of 1.2840 on the hourly chart."

"The rise in the single currency also depends on the performance of the European equity markets, which are likely to witness a technical correction today."

"Meanwhile, the bears are unlikely to have a say today, as long as the pair trades above the hourly 50SMA level of 1.2775. "

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