Sun, Oct 02, 2022 @ 07:04 GMT
HomeContributorsTechnical AnalysisEURTRY Skyrockets to Fresh All-Time High of 5.1931

EURTRY Skyrockets to Fresh All-Time High of 5.1931

EURTRY reached another all-time high of 5.1931 today, posting the ninth consecutive bullish day. Over the last couple of days, the pair is posting new highs with aggressive mode and is trading well above its moving averages. The bullish picture in the medium-term is further supported by the MACD, which is rising above its red trigger line.

Short-term momentum indicators are also pointing to a continuation of the bullish bias. The RSI indicator is well above the 70-overbought level at 83, suggesting that the strong upside movement may come to an end. However, the index is still sloping to the upside.

Further gains could see a fresh high towards the 423.6% Fibonacci retracement level of 5.5000 of the small retracement from 4.7185 to 4.4760.

In the event of a downside reversal in the next days, support could come from the 23.6% Fibonacci retracement level around 4.8700 of the upleg from 3.7660 to 5.1931. A penetration of this level could shift the short-term bullish outlook to neutral as it would take the pair near the 40-day SMA of 4.8065 at the time of writing.

XM.com
XM.comhttp://clicks.pipaffiliates.com/c?c=231129&l=en&p=0
XM is a fully regulated next-generation financial services provider of online trading on currency exchange, commodities, equity indices, precious metals and energies, with services to clients from over 196 countries worldwide. Founded in 2009 by market experts with extensive knowledge of the global forex and capital markets and with the aim to ensure fair and reliable trading conditions for every client, XM has reached international recognition by virtue of its unbeatable execution of orders, spreads as low as zero pips on over 50 currency pairs, gold and silver, flexible leverage up to 888:1, and personalized customer engagement to foster clients’ success.

Featured Analysis

Learn Forex Trading