The EURUSD currency pair was seen posting strong gains last week.
This article is originally referred from Orbex Technical Analysis.
The EURUSD currency pair was seen posting strong gains.
The gains came following the sharp sell-off in the currency pair two weeks ago.
With the markets seen to be largely stabilized, the currency pair looks to have posted a bottom in the short term.
Economic data was also largely supportive of the rebound in the common currency against the U.S. dollar.
The U.S. dollar was seen easing back slightly last week.
The declines were initially set off after the U.S. dollar index posted a fresh high.
The U.S. President Donald Trump, in interview with Reuters noted that the Federal Reserve should not be hiking interest rates.
He said that the United States would lose its competitive edge against its trading partners.
The comments set off a decline in the dollar thereafter.
From a technical perspective, the EURUSD currency pair is seen rising above 1.1540 level.
This came following a breakout from this resistance level.
The retest from Friday is likely to signal that the support level is established.
In the near term, the EURUSD currency pair is expected to maintain its bullish momentum.
The next upside target is seen at 1.1730 which could be tested in the near term.
Original Source: Orbex Technical Analysis