Technical Analysis: EUR/USD targets 1.1000
EUR/USD retraces slightly down from 1.0900 in Thursday’s European session but keeps broadly strong after a Symmetrical Triangle breakout on a daily timeframe. A breakout of a volatility contraction pattern results in high buying volume and wider movements.
The appeal of the shared currency pair has strengthened as it seems well-established above all short-to-long-term Exponential Moving Averages (EMAs).
The 14-period Relative Strength Index (RSI) has shifted into the bullish range of 60.00-80.00, suggesting a strong upside move ahead. Going forward, EUR/USD is likely to extend its upside towards the psychological resistance of 1.1000
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