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EUR/USD probing highs while RSI has room to go

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - EUR/USD is currently testing the upside again in the opening of Tokyo while coming with a bullish tone of its own right and the greenback is firm elsewhere on the board.

    Well, after a favourable environment for the euro with European bourses turning lower, fundamentals were full on for the euro earlier with the data coming in thick and fast albeit taking second place to that of the US's own numbers in the US session that were more acknowledged and key while the euro rallied 50 pips from the off.

    EUR/USD key data

    US Markit services PMI's (Sep) arrived at 55.1 vs 55.7 expected while ISM Non-Manufacturing PMI came in at 56.9 vs 57.7 expected. Eye's were on Williams thereafter, but he failed to offer anything other than supporting the same view that there should be a hike before the year is out, and this there was no market reaction as traders headed out to catch their trains home.

    EUR/USD levels

    EUR/USD's hourly 20 SMA crossed up through the 50 SMA on the same time frames after the 50 crossed up through the 200 SMA on the same chart previously instigating the initial move on the rally of 50 pips in London's and US markets. RSI (14) is leaning towards overbought territory at 64.05 but has room to go should the market feels like pushing for an additional high. 1.1330/58 could prove to be a tough resistance zone mind you.
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