The euro continues to soar higher against the greenback in early Wednesday trade, as downside pressure on the US dollar accelerates. The EURUSD pair reached the 1.1600 level, after performing another major technical breakout on Tuesday, with buyers pushing through the 1.1553 resistance level. The MACD indicator across the four-hour time frame now appears overstretched, the price may correct back towards the key 1.1553 level.
The EURUSD pair is strongly bullish while trading above the 1.1553 level, key resistance is now found at the 1.1600 and 1.1650 levels.
If the EURUSD pair moves below the 1.1553 level, sellers may test towards 1.1507 and 1.1480 support levels.
