November 17, 2023 18:51 GMT
EURUSD Extending Session Highs, Nears 1.0900 Mark
- EURUSD has steadily been moving higher after the early dip to 1.0825 this morning. The pair is now knocking on the door of the 1.09 mark, a level not seen since late August 2023 and maintains a bullish technical tone.
- Tuesday’s strong rally reinforces this current bullish outlook. Price breached resistance at 1.0756, the Nov 6 high, to confirm a resumption of the short-term uptrend. This opens 1.0945 next, the Aug 30 high and a key resistance. Above here, 1.1005, the Aug 11 would be next on the radar.
- Initial firm support now lies at 1.0656, the Nov 10 low. Clearance of this level is required to signal any kind of reversal.
- Data focus next week for the single currency will be on flash PMIs in Europe (Germany, France and the Eurozone). German services re-entered contractionary territory in October, while the manufacturing sector remained extremely weak. Similarly weak prints in France have dragged down the Eurozone-wide figures in the past months.