EUR/USD Outlook: Euro Regains Levels Above 1.35 Handle
FinFX | Nov 26, 2013 04:47AM ET
EUR/USD
The euro returns to strength and regains levels above 1.35 handle, following yesterday’s pullback from 1.3559 to 1.3489, where 4-hour 55DMA contained dip. The price consolidates near session high at 1.3540, as near-term bulls are gaining traction after hourly indicators returned to positive territory. Immediate resistances lay at 1.3550, daily cloud top and 1.3559, yesterday’s high and daily Kijun-sen line ahead of 1.3577, 20/11 recovery peak. Break higher to resume recovery off 1.3294 and open 1.3600, round figure resistance and 1.3626, Fibonacci 61.8% of 1.3831/1.3294 descend.
However, daily studies maintain neutral/negative tone and require caution in case of price’s failure to clear 1.3577. Increased downside risk would be seen on a slide below 1.3500/1.3489, with extension below 1.3460, 22/11 higher low and 61.8% retracement of 1.3398/1.3559, to signal double-top formation.
Resistance: 1.3559; 1.3577; 1.3600; 1.3645
Support: 1.3510; 1.3489; 1.3461; 1.3444
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