The Euro versus the US Dollar moves to a 6 month high of 1.1265.Indeed its performance has been nothing but impressive given the recent strength of the US dollar on from the Presidential win for Donald Trump and his alleged strong dollar policy of high public spending.
Having begun in April this year at 1.0580, now moving 6.5% to 1.1265 in a little under 2 months comes as one of the most consistent upward moves on the Euro for a number of years now.
But going forward – can the pair continue this impressive run?
On a technical chart basis we approach a significant area of resistance. Indeed the band of 1.1260 – 1.1280 area acted as resistance back in November last year, subsequently falling lower to 1.0340 – the recent low. In addition, not only are we approaching an area of resistance but the RSI strength index indicator – a key measure of overbought and over old – is currently at 76.
Jordan Hiscott, Chief Trader
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