You are here: Home > articles > Forex > Technical Analysis – EURUSD restores bullish bias after reclaiming uptrend line
Technical Analysis – EURUSD restores bullish bias after reclaiming uptrend line
October 30, 2023 4:28 pmVideo
Latest News
- Trading Signals for GOLD (XAU/USD) for April 15-17, 2024: buy above $2,328 (200 EMA – 5/8 Murray) April 15, 2024
- Video market update for April 15, 2024 April 15, 2024
- Trading Signals for GBP/USD for April 15-17, 2024: buy above 1.2450 (21 SMA – 0/8 Murray) April 15, 2024
- The dollar has not reached its potential April 15, 2024
- Analysis of GBP/USD. April 15th. Retail sales in the USA allow the dollar to continue rising April 15, 2024
- China’s Q1 GDP growth next on the Asian calendar – Preview April 15, 2024
- Technical Analysis – Goldman Sachs stock gains on strong earnings April 15, 2024
- Trading Signals for ETH/USD (Ethereum) for April 15-17, 2024: buy above $3,125 (200 EMA – 2/8 Murray) April 15, 2024
- Analysis for EUR/USD on April 15th. Monday – a tough day for the euro April 15, 2024
- GBP/USD: trading plan for the US session on April 15th (analysis of morning deals) April 15, 2024
- EUR/USD: trading plan for the US session on April 15th (analysis of morning deals). Euro is at an impasse April 15, 2024
- GBP/USD: Will sterling hold steady against dollar? April 15, 2024
- Technical Analysis – USDJPY rallies to another fresh 34-year high April 15, 2024
- Will Netflix earnings take the share price closer to its record highs? – Stock Markets April 15, 2024
- EUR/USD. April 15th. Bulls panic and retreat from the market April 15, 2024
- GBP/USD. April 15th. The dollar gains confidence April 15, 2024
- Weekly forecast based on simplified wave analysis for GBP/USD, AUD/USD, USD/CHF, EUR/JPY, AUD/JPY, and the US Dollar Index April 15, 2024
- XM’s Heartfelt Ramadan Iftar Support April 15, 2024
- Weekly forecast based on simplified wave analysis of EUR/USD, USD/JPY, GBP/JPY, USD/CAD, NZD/USD, and Gold on April 15th April 15, 2024
- Technical Analysis – US 500 reverses towards 123.6% Fibonacci April 15, 2024
EURUSD bounces higher as positive bias gains traction
Price climbs above moving averages and ascending trendline
But how convincing is this rebound?
EURUSD is marching higher, pushing above its simple moving averages (SMA), but more importantly, the price action has moved back above the short-term ascending trendline.
The momentum indicators are strongly bullish with the stochastic oscillator plotting higher, while the MACD has just crossed above the zero threshold. Both are positively aligned with their moving averages, although the former is entering the overbought region.
Should the pair continue to head higher, the 23.6% Fibonacci retracement of the July-October downtrend at 1.0643 could obstruct further gains before revisiting the October peak of 1.0693. A successful climb above this top and above the 1.0700 level would open the way until the 38.2% Fibonacci of 1.0763.
However, if the rebound falters, the 100-period moving average, which has converged with the uptrend line, should provide immediate support in the 1.0575 region. Lower down, the proven support level of 1.0520 could halt steeper losses. Otherwise, a re-test of the early October 10-month low of 1.0447 could be on the cards.
To sum up, the short-term picture is looking increasingly positive, although surpassing the October high of 1.0693 would put EURUSD on a surer path upwards. But for the medium-term outlook to also switch to bullish, the gains would need to stretch further, at least until the 38.2% Fibonacci of 1.0763.
Related Posts: