Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The EUR/USD pair is displaying back-and-forth moves in a narrow range of 1.0073-1.0088 in the early Asian session. The pair has turned sideways after a vertical rally as positive market sentiment improved demand for risk-sensitive currencies.
The major is expected to remain in the grip of bulls ahead of the interest rate decision by the European Central Bank. As per the projections, ECB President Christine Lagarde may announce a rate hike by 75 basis points.
The US dollar index (DXY)declined further on Wednesday to near 109.60 as the appeal for safe-haven assets trimmed dramatically. The alpha generated by 10-year US government bonds fell to 4%.
On a four-hour scale, the shared currency bulls have strengthened after shifting their business above the horizontal support placed around October highs at parity, which has become a support now. Now, the euro bulls are eyeing to smash a two-month high at 1.0200 ahead.
The 20-period Exponential Moving Average (EMA) at 0.9950 is aiming higher, which adds to the upside filters. The Relative Strength Index shifted into the bullish range of 60.00-80.00, which indicates more upside ahead.
