FxWirePro: EUR/USD runs out of steam but maintains bullish outlook

The EUR/USD pair retreated from 1 month high on Friday, after global stock markets and crude oil price rebounded sharply. The pair initially fell towards 1.1254, before recovering to trade around 1.1288 levels in the early US session.

• The pair continues to remain in bullish tone, despite the euro losing some ground against greenback in the early American trading hours.
• Technically short term picture depicts more bullish trend for this pair, as the RSI in the 4 hour chart is indicating upwards at 65, the 55 30 and 20 MA are also pointing towards higher side. Overall the technical indicators are depicting more upside for this pair in the short term.
• To the upside, the strong resistance can be seen at 1.1330, a break above this level would expose the pair to next resistance level at 1.1378levels.
• To the downside strong support can be seen at 1.1275, a break below at this level will open the door towards next level at 1.1220.

Resistance levels: R1-1.1300, R2-1.1330, R3-1.1378

Support levels: S1-1.1275, S2-1.1220, S3-1.1160