The Australian Dollar against the US Dollar

Currency Exchange EUR

The EUR / USD exchange rate rose slightly after Thursday’s trading session. Our expectations are positive for the pair’s movements and support the bullish trend especially as the price moves in the ceiling of the descending channel. As shown below in the 4-hour chart. These expectations support the MACD, RSI and ADX indicators as well as the current trading above the 100-day Moving Average and Stochastic to form a positive cross. Noting that the continuation of the upside move requires staying above the 1.1215 level

Consequently, the price of breaking the resistance level at 1.1391 supports it to reach the next resistance level at 1.1471 and then the 1.1621 level respectively. While the break of the support level at 1.1356 drops to the level of 1.1323 and then the level of 1.1282 according to levels of Fibonacci 38.2 and 23.6%, respectively.