EURUSD Rebounds After Testing Long Term Major Support
November 22, 2016 10:48 am
EURUSD has retraced 2.99% from the US presidential election date, to 18th Nov, as a result of the strengthening of the dollar. It has marked 10 consecutive losing days from 7th to 18th Nov. EURUSD hit an eleven-month low of 1.0568 on 18th Nov, yet the price has rebounded after testing the long term significant support line at 1.0600, as it provides a much stronger support. The price is moving from the lower band of the Bollinger Band indicator towards the upper band, indicating the bearish momentum is waning. The 4 hourly Stochastic Oscillator is above 70, suggesting a pullback prior to the next rally. The resistance level is at 1.0650, followed by 1.0700 and 1.0730. The support line is at 1.0600, followed by 1.0550 and 1.0500. Source: FX Pro Market Snapshot
EURUSD has retraced 2.99% from the US presidential election date, to 18th Nov, as a result of the strengthening of the dollar. It has marked 10 consecutive losing days from 7th to 18th Nov. EURUSD hit an eleven-month low of 1.0568 on 18th Nov, yet the price has rebounded after testing the long term significant support line at 1.0600, as it provides a much stronger support. The price is moving from the lower band of the Bollinger Band indicator towards the upper band, indicating the bearish momentum is waning. The 4 hourly Stochastic Oscillator is above 70, suggesting a pullback prior to the next rally. The resistance level is at 1.0650, followed by 1.0700 and 1.0730. The support line is at 1.0600, followed by 1.0550 and 1.0500.
Source: FX Pro Market Snapshot
Related Posts: