FXStreet (Łódź) - As FXStreet Chief Analyst Valeria Bednarik points out, EUR/USD trades at fresh weekly highs, stalling now around 1.3640/50 price zone, proven strong static resistance level, albeit the retracement so far is quite shallow, with price consolidating nearby.
"With no local data, the movement is purely due to dollar weakness and local share markets on the run."
"Technically, the 4 hours chart shows a strong upward potential coming from indicators with momentum extending above 100 and RSI nearing 70."
"Price stands above its 20 and 100 SMAs, also favoring an upward continuation: fresh highs above current 1.3643 should see the pair extending towards 1.3680, critical resistance level as per being the 61.8% retracement of this year rally. If price manages to extend beyond it, bulls confidence may drive it near 1.3720 later today."
"Buyers should now surge on approaches to 1.3600 yet if the support is broken, 1.3550 is the next short term bearish target for the day."