Can EURUSD Gain Momentum?
The Euro moved higher against the US Dollar after trading close to the 1.1110 support area. The EURUSD pair moved above a major resistance at 1.1145 and the 100 hourly simple moving average, which is a positive sign.
It is currently above the 38.2% Fib retracement level of the last decline from the 1.1210 high to 1.1118 low and following an ascending channel with support at 1.1155 on the hourly chart.
On the upside, a break above the 61.8% Fib retracement level of the last decline from the 1.1210 high to 1.1118 low at 1.1175 is needed for more gains.
On the downside, the 100 hourly simple moving average and the channel support at 1.1155-50 remains a good buy zone in the near term.