EUR-USD : The bullish signals are intact
Date of analysis 29 November 17
Opinion Short Term Positive
Resistance 1 1.21USD
Support 1 1.17USD
Opinion Mid Term Neutral
Support 2 1.16USD
Resistance 2 1.23USD
Above 1.17 USD the major trend remains bullish. 1.21 USD and 1.23 USD are in the line of sight. The breaking of 1.17 USD would cancel this anticipation and favor a correction toward 1.16 USD.
The MACD is positive and above its signal line. This configuration confirms the sound positioning of the cross. We can see that the bullish potential of the RSI has not been exhausted. As for the Stochastics, they are in the overbought area, making a correction likely in the short term. The volumes traded are more than the average volumes over the last 10 days.
MOVEMENTS AND LEVELS
The cross is in a phase of technical recovery. It is above its 50-day moving average but the latter is poorly positioned. In the event of a correction, the first support is at 1.17 USD, before a test of 1.16 USD in the case of a breach. To the upside, the resistance at 1.21 USD is intermediary before the strong level of 1.23 USD.