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EUR/USD trading slightly up today close to 1.2660 - FXStreet

FXStreet (Łódź) - FXStreet Editor and Analyst Omkar Godbole observes that after finishing yesterday at 1.2646, EUR/USD climbed somewhat on Friday and is trading close to the 50 SMA level of 1.2660 on the hourly chart.

Key quotes

"Meanwhile, the hourly RSI has breached 50.00 levels on the upside, opening doors for a further strength in the Euros."

"However, the pair is likely to struggle around 1.2677-1.2680 levels."

"Moreover, prices have rebounded from 1.2630 levels for a second time this week, leading to a double bottom formation on the hourly charts with a neckline of 1.2677 levels."

"Thus, a breach of the neckline shall open doors for a re-test of 1.2720-1.2730 levels today."

"The daily RSI, at 42.90, may rise above 50.00 levels if the pair manages to rise above 1.2730."

"On the other hand, failure to rise above 1.2680 levels shall reinforce bearish expectations and push the pair below 1.26 levels. "

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