FOREIGN EXCHANGE

 

EUR/USD closed higher on Monday and above the 20-day moving average crossing confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI have turned bullish signalling that sideways to higher prices are possible near-term. If it extends the rally off last week's low, the reaction high crossing is the next upside target. If it resumes this year's decline, monthly support crossing is the next downside target.