The EURUSD is pushing multi-month highs and stretching toward the next upside target at 1.1769 (July 27 high).
Momentum indicators are also backing the move. RSI on the hourly chart has pushed into bullish territory without yet being overextended, leaving room for further gains. A sequence of higher lows forming potentially reinforces the bullish bias.
Price is also trading firmly above its short-term moving averages, with the 20-hour average acting as potential dynamic support since the breakout on September 7.
This is all occurring as French Prime Minister Francois Bayrou and his centrist minority government were ousted in a confidence vote in France’s National Assembly on Monday. France is the second largest economy in the Eurozone after Germany.
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