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The EUR/USD pair surged up to 1.1430 this Thursday, with no catalyst behind the move beside USD self weakness. With no data scheduled in Europe, the pair retreated down to 1.1374 on the back of Varoufakis comments blaming previous governments for making promises the country can´t deliver, but seems investors are not actually worried about the possibility of a Grexit today: the pair is back above the 1.1400 level.
Technically, the 4 hours chart shows that the pair is overbought and that the technical indicators are exhausted in extreme readings, although the 20 SMA gained further upward strength below the current price. Should the price accelerate above the mentioned daily high, the rally can extend first up to 1.1480, whilst beyond this last, the next bullish target comes at 1.1533, February 2 monthly high.
To the downside, the key support comes at 1.1340, with buyers probably surging on slides towards it. It will take an unlikely break below it to see the pair turning south towards the 1.1280 price zone.
Technically, the 4 hours chart shows that the pair is overbought and that the technical indicators are exhausted in extreme readings, although the 20 SMA gained further upward strength below the current price. Should the price accelerate above the mentioned daily high, the rally can extend first up to 1.1480, whilst beyond this last, the next bullish target comes at 1.1533, February 2 monthly high.
To the downside, the key support comes at 1.1340, with buyers probably surging on slides towards it. It will take an unlikely break below it to see the pair turning south towards the 1.1280 price zone.
