EUR/USD makes new highs in Tokyo

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Bali) - EUR/USD is trading at 1.3616 during the first hour of Tokyo, up 0.03% on the day, having posted a daily high at 1.3624 and low at 1.3610.

The focus for the pair is now shifted to the FOMC minutes, with Kathy lien, Co-Founder at BK Asset Management, saying: "Chances are the FOMC minutes will fail to satisfy investors, which could mean further weakness for the dollar. However even if the dollar sells off, losses should be limited because at the end of the day, nothing new will be revealed in the minutes."

The hourly FXStreet OB/OS Index is showing overbought conditions, alongside the FXStreet Trend Index which is slightly bullish. At the time of writing, RSI is neutral at 76.95, up from 67.90 at the last hour close, while ADX is trending at 37.96, up from 18.11 previous. Meanwhile, daily RSI is in neutral territory at 46.13. Looking at price patterns, we can see a Doji and Hammer 4-hour candlestick formation.

Current price is 1.3617, with resistance ahead at 1.3618 (Daily Classic R1), 1.3619 (Yesterday's High), 1.3623 (Daily 20 SMA), 1.3624 (Daily High) and 1.3627 (Weekly Classic PP). Next support to the downside can be found at 1.3613 (Daily Open), 1.3611 (Hourly 100 SMA), 1.3610 (Daily Low), 1.3608 (Hourly 20 EMA) and 1.3597 (Daily Classic PP).

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