EUR/USD Breakout to the upside followed by a pullback towards 1.

17 Nov 2023

On Friday, the EUR/USD exchange rate is rising, approaching 1.0900, with the U.S. dollar supported by higher Treasury yields and mixed market sentiment. The pair is poised to mark the highest weekly close since August. Despite a lower low, the pair quickly reversed the trend upwards according to the daily chart. The 100 and 200 Simple Moving Averages (SMAs) are directionless between 1.0790 and 1.0800, while the 20 SMA is accelerating north below the longer ones. Technical indicators, though stable near overbought levels, show a slight increase without a clear directional bias. In the short term, the technical outlook suggests a potential uptrend, as 4-hour chart indicators corrected from extremely overbought readings, reflecting a growing buying interest. The bullish momentum is likely to resume by surpassing the immediate resistance level at 1.0890.

In fact, we have a price oscillating between two support and resistance areas. Let's say the long-term outlook is bullish, and I expect the price to break the level of 1.0946 before a retest of the 1.09 level, and then move towards 1.10. Let me know what you think, comment, and leave a like. Greetings from Nicola, the CEO of Forex48 Trading Academy.

20 Nov 2023

Nota

EUR/USD continues its winning streak, trading around a three-month high at 1.0920 during Monday's Asian session. The pair appears to be approaching immediate resistance around the key level of 1.0950, as the US Dollar (USD) faces pressure on the likelihood of the Federal Reserve (Fed) concluding its interest rate-hike cycle. A breakthrough above the latter could support the bulls of the EUR/USD pair to target the next barrier at the psychological level of 1.1000, following August's high at 1.1064. The ongoing trend is supported by technical indicators for the EUR/USD pair. On the downside, the psychological level at 1.0900 emerges as a key support, following the next major level at 1.0850. Today's price could break the resistance at the 1.0910 level; subsequently, there might be a slight pullback to around 1.0880 before continuing towards the crucial psychological level of 1.10. However, the price could also push towards the mentioned level directly without retracements. We will see today during the London opening how the markets behave. Regards from Nicola, the CEO of Forex48 Trading Academy.