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EURUSD climbs above 100-day SMA to test looming negative picture
EURUSD buyers have ascended above 1.1145, which is the 50.0% Fibonacci retracement of the down leg from 1.1411 to 1.0878. The bounce off the broken downtrend line at 1.0990 – where the Tenkan-sen completed a bullish crossover – propelled the price through the Ichimoku cloud, overcoming various resistance obstacles. Momentum oscillators back a short-term positive outlook. The MACD has distanced itself above its red trigger line and into the positive zone, while the RSI has risen to the 70 level. Moreover, a turn up in the 20-day simple moving average (SMA) nears a bullish cross of the 50-day SMA, thus warranting ... (full story)