Technical analysis
The price lies between EMA(50) and EMA(100)
EMA(50) is higher than EMA(100), which is advantageous for bulls
The RSI is slightly above 50, showing a potential uprise
The MACD signal line is above 0, indicating a decline.
What the possible outcomes are
EURUSD sharply recovered from 1.17800 to 1.18600 and now consolidates at 1.18300. The greenback kept its sustained strength. Meanwhile, the ECB officials statement about the new monetary policy strategy gave the currency pair room to rise.
Bulls may target the 1.18695 resistance level. If this happens, the uptrend may extend to 1.19059.
Contrarily, if the price fails to break the resistance level of 1.18695, it may slide down the support level of 1.18032, with the next support level lying at 1.17659.
Key levels
Support 1.18032 1.17659
Resistance 1.18695 1.19059
