Yesterday the EURUSD initially fell but found enough buying pressure at 1.1097 daily support to reverse and close in the green near the high of the day with a wide range, creating a bullish engulfing pattern a sign that the short –term bulls are taking the control.
The currency closed above the 50-day moving average at 1.1171 (Support) suggesting further upward momentum in the next few days.
The key levels to watch today are 1.1237 (resistance), the 10-day moving average at 1.1258 (resistance), 1.1097 daily support and the 200-day moving average at 1.1081 (Support).
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