Technical Analysis: EURUSD

EURUSD broke above the 1.160 mark

On Tuesday, EURUSD climbed for the second straight trading day and broke above the 1.160 mark.

The USDX fell for two consecutive days

On Tuesday, the USDX decreased for the second straight trading day and broke below the 100 mark. It ended down 0.35% at 99.65.

Eurozone services PMI was higher than expected in March

Eurozone Services PMI (March) increased from 50.1 to 50.2 Vs. 50.1 (forecast), according to the data from Markit.

The bullish market trend prevailed in the short term

the Chart of the Day

On the chart of the day, EURUSD rose steadily. The bullish market trend prevailed in the short term. In terms of technical indicators, MACD went upwards after golden cross occurred, showing that EURUSD will climb further. Investors should focus on whether EURUSD will break through the resistance at 1.174. It will rise with potential resistance at 1.183 if it breaks above 1.174.

4-hour chart

On the 4-hour chart, EURUSD was prone to fluctuation and climbed. The bullish market trend prevailed. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing that the market trend is bullish. Investors should focus on whether EURUSD will break through the support at 1.163. It will rise if it retreats but is stable above 1.163.

Key resistance: 1.174,1.183

Key support: 1.163,1.15

Generally speaking, the bullish market trend prevailed in the short term. Investors could buy as EURUSD retreats during the day.