The very hawkish rhetoric on the part of the ECB and the capitulation of the dollar led to considerable moves on the market. EURUSD is testing 1.01 - the highest level since August 18. The 50-period average is located near this level when looking at the H4 interval. Since January, this MA has acted as strong resistance. Should a break higher occur, an upward move may accelerate towards the upper limit of the 1:1 structure and would be the biggest bullish impulse since the beginning of the year.
If EURUSD finishes today’s session higher, this would be the first week of growth within the last 4 weeks.
Source: xStation5
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