EUR/USD did reach my first upward target at the price of 1.1043 and is heading upward with good momentum. Strong demand entered the market after the ECB Lagarde Speech few hours earlier.
Stochastic oscillator is showing increased on the buying power and strong momentum on the upside, which is sign that there is more upside yet to come. Next upward targets are set at the price of 1.1085 and 1.1168.
The cause of the downside move was bullish divergence from last week in combination with today’s news and ECB Lagarde speech.
Watch for buying on the dips on the lower frames 15/30 minutes time-frame.
The material has been provided by InstaForex Company – www.instaforex.com