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EURUSD TECHS: Hammer Candle Highlights Possible Base

EURUSD TECHS
USForeign Exchange Technical AnalysisCEEMEABulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 1.0937 High Nov 5 and key short-term resistance  
  • RES 3: 1.0795 50-day EMA  
  • RES 2: 1.0653 20-day EMA
  • RES 1: 1.0501/0610 Intraday high / High Nov 20     
  • PRICE: 1.0477 @ 06:08 GMT Nov 25
  • SUP 1: 1.0335 Low Nov 22  
  • SUP 2: 1.0311 1.382 proj of the Sep 25 - Oct 23 - Nov 5 price swing
  • SUP 3: 1.0258 1.500 proj of the Sep 25 - Oct 23 - Nov 5 price swing  
  • SUP 4: 1.0201 61.8% retracement of the Sep 28 - Juk 18 bull leg     

EURUSD remains in a clear downtrend, however, Friday’s price action appears to be a hammer candle pattern. This highlights a possible short-term base and if correct, the start of a corrective cycle. The pair is oversold and a recovery would allow this condition to unwind. Firm short-term resistance to watch is 1.0653, the 20-day EMA. For bears, a move through Friday’s 1.0335 low would resume the downtrend and open 1.0311, a Fibonacci projection.

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  • RES 4: 1.0937 High Nov 5 and key short-term resistance  
  • RES 3: 1.0795 50-day EMA  
  • RES 2: 1.0653 20-day EMA
  • RES 1: 1.0501/0610 Intraday high / High Nov 20     
  • PRICE: 1.0477 @ 06:08 GMT Nov 25
  • SUP 1: 1.0335 Low Nov 22  
  • SUP 2: 1.0311 1.382 proj of the Sep 25 - Oct 23 - Nov 5 price swing
  • SUP 3: 1.0258 1.500 proj of the Sep 25 - Oct 23 - Nov 5 price swing  
  • SUP 4: 1.0201 61.8% retracement of the Sep 28 - Juk 18 bull leg     

EURUSD remains in a clear downtrend, however, Friday’s price action appears to be a hammer candle pattern. This highlights a possible short-term base and if correct, the start of a corrective cycle. The pair is oversold and a recovery would allow this condition to unwind. Firm short-term resistance to watch is 1.0653, the 20-day EMA. For bears, a move through Friday’s 1.0335 low would resume the downtrend and open 1.0311, a Fibonacci projection.