EUR/USD Corrective Recovery Risk Expected
FXTechstrategy Team | Nov 23, 2015 11:18PM ET
EUR/USD: Having rejected lower prices to close flat on Monday, EUR/USD corrective recovery risk is now expected. This is coming on the back of the pair’s past week losses. We expect a recovery higher to build up in the days ahead. On the downside, support lies at the 1.0600 level where a violation will aim at the 1.0550 level. A break of here will aim at the 1.0500 level with a turn below that level targeting the 1.0450 level. Conversely, resistance comes at 1.0700 level with a cut through here opening the door for more upside towards the 1.0750 level. Further up, resistance lies at the 1.0800 level where a break will expose the 1.0850 level. All in all, EUR/USD corrective recovery risk remains while it trades above the 1.0598/19 zone
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