Euro has convincingly broken above late March and early April highs near 1.1050. It was trading below 1.10 during most of the European session but then much weaker than expected US Advance GDP release sent it through the roof.

It busted January low (1.1098) and all three daily pivot point resistances in the process, before stalling ahead of 1.12 level and Weekly Resistance 3 just above that. Hawkish FOMC statement then offered longs an excuse to take some off the table and the pair subsequently sold off to 1.1075 before settling above 1.11.

The pair appears poised to close above January low, but the rally looks overdone, so I won't be surprised if we see further pullback in the days ahead.

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