EUR/USD Moved to the Upside Today

There was a large but unsurprising move to the upside today on the EUR/USD charts, as the pair reached the support at 1.1170, which on the one-hour time-frame coincides with the (MA)89 indicator, formed an inverted hammer candlestick and a hammer candlestick on the same time-frame above the indicator and started rallying. The pair reached a high at 1.1220 and bounced off from it, but it is unlikely that is the end of the move to the upside, especially considering the spinning top candlestick and the hammer candlestick on the weekly time-frame, both of which are an indication for a further rally. Should that occur the next closest target of the pair will probably be around 1.1300.

NZD/USD Is Very Bullish

NZD/USD also moved sharply to the upside today, once again after the pair reached the resistance which on the one-hour time-frame coincided with the (MA)89 indicator and was at 0.7260 and formed a hammer candlestick above that level on the same time-frame. Currently the rally still continues and the pair will likely reach the previous high at 0.7318. The question is whether it will form a double top at that level and then move to the downside, likely towards 0.7260 again, or there will be a further move to the upside. Should the latter scenario occur the pair will probably reach 0.7370 or even 0.7400.