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EUR/USD breaches the key resistance level yesterday to finish above 1.25 – FXStreet

FXStreet (Barcelona) - FXStreet Analyst and Editor, Omkar Godbole, notes that the EUR/USD pair finished higher on Wednesday at 1.2510; breaching the key resistances at 1.2480 and 1.25 on its way up.

Key Quotes

“Despite a strong closing, the daily RSI is still bearish at 47.63 levels. The pair is trading largely unchanged around 1.2510 levels today.”

“The hourly chart shows, the pair is moving in a upward channel with the RSI bullish at 59.32 levels.”

“Moreover, the pair is struggling around 1.2510-1.2520 levels since the Asian session today.”

“It is worth noting that 1.2510-1.2520 levels acted both as a strong support and a strong resistance level throughout this month. Hence, a convincing hourly close above 1.2520 levels is essential to push the pair towards the channel resistance located at 1.2560.”

“However, a bearish daily RSI coupled with bearish crossover in 5-DMA and 10-DMA may see the pair re-test 1.2480 levels before moving upwards.”

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