Technical Analysis Suggests Euro Could Rise to $1.5285

According to technical charts prepared by the Bank of Tokyo-Mitsubishi UFJ Ltd., the euro could rise to a 15-month high of $1.5285 if it manages to break the resistance line at $1.5063. Resistance at $1.5063 represents the Oct. 26 high, which the currency will probably strengthen toward in the next two weeks, said Masashi Hashimoto, a senior analyst in Tokyo at the unit of Japan’s biggest publicly traded bank. The euro’s close last week above the four-week moving average of $1.4869 and the rising trend in other indicators such as the 13-week moving average signal the euro may gain further, Hashimoto said.

“Positive signals are outweighing negative ones when you compare them at this moment,” Hashimoto said in a Bloomberg interview. “Hence, the euro is likely to go up.”

Bloomberg

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.