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Euro/dollar Makes a Golden Cross

Posted by WorldWideMarkets . on Jun 20, 2013 3:44:00 AM

euroThe euro/dollar made a golden cross on Tuesday with the 50-day simple moving average crossing the 200-day SMA. The euro now has support at around $1.3070 with some momentum players adding the point marks a signal to switch direction on their positions. The euro is around a four-month high and other technical measures such as the 14-day relative strength index point to it being over bought, with and RSI print above 70 since June 5. But the last golden cross in the pair ran from October 26 to May 14 so technical analysts say this one may hold for some time as well.



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