EURUSD Technical Analysis: Golden Crosses on KDJ and MACD Drive Euro to Two-Week High; Buy on Retreats Toward 1.142

The euro climbed to a two-week high

On Wednesday, EURUSD rebounded wildly. At one point, it reached a two-week high of 1.1470.

Eurozone manufacturing PMI was better than expected in July

Eurozone Manufacturing PMI (July) increased from 51.4 to 52 Vs. 51.5 (forecast), according to the data from the Markit.

The USDX fell sharply

On Wednesday, the USDX fell sharply, and broke below the 101 mark. It ended down 0.59% at 100.81.

The bullish market trend prevailed in the short term

the Chart of the Day

On the chart of the day, EURUSD rebounded steadily. The bullish market trend prevailed in the short term. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing that EURUSD will climb further. Investors should focus on whether EURUSD will break through the resistance at 1.148. It will rise further with potential resistance at 1.153 if it breaks above 1.148.

4-hour chart

On the 4-hour chart, EURUSD was prone to fluctuation and climbed. The bullish market trend prevailed. In terms of technical indicators, MACD went upwards after golden cross occurred, showing that the market trend is bullish. Investors should focus on whether EURUSD will break through the support at 1.142. It will rise if it retreats but is stable above 1.142.

Key resistance: 1.148，1.153

Key support: 1.142,1.137

Generally speaking, the bullish market trend prevailed in the short term. Investors could buy as EURUSD retreats during the day.