Technical Analysis

EUR/USD Benefiting From USD Weakness, Ripping Higher

Typography

Amid a lack of European positive data, EUR/USD has pushed back above major horizontal range resistance.

EUR/USD Hourly:

A 130 pip, straight line rally like this on an intraday chart without the accompaniment of a news release isn’t something you see everyday and speaks volumes about the markets that we’re seeing lately.

Strong selling pressure can be seen across the majors and with Euro breaking above and reactivating that highly significant support/resistance level, the pair has been a major benefactor.

EUR/USD Weekly: