Forex Investment and Currency Trading

EUR/USD – Uptrend highlights resistance at 1.5905 and 1.6010.  

EUR/USD reached  price target at 1.5650 this week after a correction held above support at 1.5286. Although the correction was swift, it did allow the daily studies to resolve an overbought divergence. With valuations now at neutral levels, support at 1.5586 and 1.5439 is expected to attract buying interest for a re-test of the secular high at 1.5905. A daily close above this level would affirm the bullish view, targeting secondary resistance levels at 1.6010 and 1.6206. The new target is located at 1.6005 based on bullish view.