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EUR/USD aiming at dizzy highs not seen since February

The single currency is gaining strength against the greenback this week with the EUR/USD reaching as high as 1.339 before retracing back to 1.3352, where we are standing at the time of writing. The pair remains well supported by a rising trend line and is challenging February’s highs. The hammer formation on the daily chart suggests that despite the bear pressure we could go higher with the 1.33 level offering key support. A break above the top of the hammer at 1.339 would open the door to 1.345 & 1.364, completing the double bottom formation on the daily chart. In the alternative scenario we have to see a consistent break below 1.3225 for the bias to turn to the downside.

Dafni Serdari
Market Analyst, Spread betting & CFDs
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