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EURUSD Is Currently Testing The Q2 High: Will It Break Above?

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EURUSD is currently trying to break the Weekly 200SMA and the Q2 high

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The Euro has closed the last 4 days bullish approaching the Q2 high at 1.14225. Yesterday price managed to break above the quarterly high, reaching 1.14520 before pushing back below the level to close the day. Wednesday’s candle has formed a pinbar at the quarterly level showing that buyers failed to hold price above the level. Technically the pair is trading above the Daily 50 exponential moving average and the 200 simple moving average, and the 50ema is moving above the 200sma.

A break above the quarterly high could signal a buy signal. ForexLive recently reported ING forecasts the exchange rate for EURUSD at 1.20 for the end of 2020.

On the weekly chart we can see that the previous six candles have failed to close above the 200sma however buyers are currently testing above the Q2 high this week.

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