The EUR is rising as the USD extends its decline, after the IMF revised its economic growth forecast to 2.9% reducing expectations of sharp rate hikes from the Fed. President Lagarde will speak later tonight. Talks about the monetary policy outlook and updated fragmentation tools will be on focus.
The instrument is trading in an upward channel. Bollinger bands are directed upward showing the bullish momentum. MACD is in the bullish territory above the signal line keeping the buyers optimistic about further upside. RSI is directed upward and slightly approaching the overbought territory. Breaking the upper Bollinger line will open the door toward 1.0605.
Key levels to watch from the upside 1.0587, 1.0605 – from the downside 1.0555