Having broken the multi-month high and maintained its advantage, EURUSD bulls are now eyeing to pierce through the 32-month peak of 1.2415. With this, the pair recorded its three-day winning streak even in the middle of a strong Relative Strength Index. Bullish chart pattern joining RSI are favourable to buyers.
USD weakness is the main reason, the EURUSD pair has been moving up. The US Treasury Secretary’s announcement about the 600 USD stimulus package and US Senate leader’s bill for a 2,000 USD pay check are other influencing factors.
The following chart shows the progress of EURUSD. If the current trend of the EUR gaining strength continues, then it will break the resistance and may pierce the 1.2415 mark. On the other hand, if the trend reverses, then the pair may come down and close near 1.2274.