EUR/USD sees further upside room – FXStreet

FXStreet (Barcelona) - Absence of data implies EUR/USD will rely on USD risk appetite developments, notes FXStreet Editor and Analyst, Omkar Godbole, and further predicts gains towards 1.10 levels if the pair managers to break above 1.09.

Key Quotes

“The EUR remained surprisingly resilient on Friday even though no progress was made over the Greek debt issue at the Eurogroup meeting. If anything, the rift between Greece and its international creditors widened, with EU authorities warning the time may be running out for Greece. Still, the EUR/USD rose to an intraday high of 1.0898, before finishing the week at 1.0864 levels.”

“Given the absence of a major market moving data release today, the pair will most likely be driven by the market's appetite for the US dollars.”

“On the hourly and 4-hour chart, the RSI is just above the mid-line at 50.00, which indicates further room for rise. A break above 1.09 could see fresh bids taking the pair higher to 1.10 levels. On the flip side, a failure to break above 1.0870 could lead to a fresh sell-off towards 1.0805 (50-DMA).”