EUR/USD Daily Technical Analysis For March 22, 2017

EUR/USD printed fresh trend highs of 1.0819, now within sight of the February highs of 1.0829. The euro to USD has been aided by Bundesbank president and ECB member Weidmann, who have argued for a shift to neutral from dovish policy stance, though upcoming hawkish leaning Fedspeakers could prompt some profit taking. Support on the EURUSD is seen near the 10-day moving average at 1.0683.  Fed Chair Yellen speaks on Thursday and could walk back some of the dovish commentary that has been circulating since last week’s FOMC meeting.

Momentum is Positive on the EUR/USD

Momentum is positive as the RSI (relative strength index) which is a momentum oscillator that measures accelerating and decelerating momentum, broke out above resistance and is currently moving higher in tandem with price action which reflects accelerating positive momentum. The current print on the RSI is near 63, which is on the upper end of the neutral range and reflects a push to a higher exchange rate.