EUR/USD: Key level for the bulls to watch sits at 1.34
After the appetite for risk seen at the beginning of the year boosted the EUR/USD above 1.327, the pair has been trading sideways for the past week, hovering within the range of 1.327-1.3378. At 1.3345 at the time of writing it looks like the market is trying to consolidate between here and 1.34. The 1.34 area is a key area that shall offer significant amount of resistance. The market remains in a strong bullish trend and with the RSI turning up on the 30 min chart, the bulls appears set to challenge the 1.34 level. A breakout above that level would open the door for 1.3435 and 1.348. In the alternative scenario, only a break below 1.328 could delay the upside movement. Onto the main topics of today, the focus of trade will be on the German ZEW Survey during European hours. Later today, eyes will be on the US Existing Home Sales and the US Richmond Fed Manufacturing Index.
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