EUR/USD: the bias remains bullish
Jean-Christophe Rolland September 21, 2020 3:18 AM
Despite a better-than-expected US consumer confidence report, the pair remains well oriented.
The University of Michigan's Consumer Sentiment Index spiked to 78.9 on month in the September preliminary reading (75.0 expected), from 74.1 in the August final reading.
From a technical point of view, on a daily chart, EUR/USD remains supported by a rising trend line drawn from Mid-May and by its 50-period moving average. Readers may therefore consider the potential for further advance above horizontal support at 1.1700. The nearest resistance would be set at at 1.2015 (September 1 top) and a second one would be set at 1.2150 in extension.
Source : TradingVIEW, Gain Capital
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