Euro Rallies Past 1.1750—Can the Uptrend Continue?

EUR/USD  surged above 1.1750 on easing trade tensions. It hit an intraday low of 1.17604 and is currently trading around 1.117428. Overall trend remains bullish as long as support 1.1670 holds.

Recent U.S.-Japan trade agreement, which includes a $550 billion Japanese investment in the U. S. and a 15% U. S. tariff on Japanese imports (down from a threatened 25%).

The pair is holding above the 55 EMA, above the 200 EMA, and 365 EMA in the 1-hour chart. Near-term resistance is seen at 1.1765; a break above this may push the pair to targets of  1.1800/1.1835/1.19090/1.1956/1.200. On the downside, support is seen at 1.1700; any violation below will drag the pair to 1.1670/1.1600/1.155.

Market Indicators and Trading Strategy

Commodity Channel Index (CCI)-  Bullish

Average Directional Movement Index (ADX) - Neutral

 It is good to buy on dips around 1.1720 with a stop-loss at 1.1665 for a target price of 1.1835.