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EUR/USD pauses

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EUR/USD moved in a consolidative manner on Friday, staying above the support barrier of 1.1360 (S1) and the 50-period moving average. I still expect the rate to continue higher and challenge the key resistance hurdle of 1.1540 (R1). Our short-term oscillators support the notion. The RSI turned up after finding support above its 50 line, while the MACD stays above both its zero and signal lines. As far as the broader trend is concerned, I believe that the pair is still in a downtrend. EURUSD is printing lower peaks and lower troughs below both the 50- and the 200-day moving averages. Therefore, I would still consider any possible upside waves as corrective moves.

• Support: 1.1360 (S1), 1.1260 (S2), 1.1100 (S3).

• Resistance: 1.1540 (R1), 1.1650 (R2), 1.1730 (R3).

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