Free Trial

Trading Closer To Its Recent Highs

EURUSD TECHS
  • RES 4: 1.1081 76.4% retracement of the Jul 18 - Oct 3 downleg
  • RES 3: 1.1065 High Aug 10 and a key resistance
  • RES 2: 1.1005/45 High Aug 11 / 2.0% 10-dma envelope
  • RES 1: 1.0965 High Nov 21
  • PRICE: 1.0940 @ 16:04 GMT Nov 24
  • SUP 1: 1.0825/0756 Low Nov 17 / High Nov 5, recent breakout level
  • SUP 2: 1.0725 50-day EMA
  • SUP 3: 1.0656 Low Nov 10 and key short-term support
  • SUP 4: 1.0568 Low Nov 2

The trend outlook in EURUSD remains bullish and the pair traded higher into the Friday close. Sights are on 1.1005, Aug 11 high and 1.1065, the Aug 10 high and a key resistance. MA studies are in a bull-mode set-up, highlighting positive market sentiment. Note that the recent recovery has resulted in the 14-day RSI crossing 70, highlighting an overbought reading. A corrective pullback would unwind this condition. Initial support is 1.0825, Nov 17 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.