- Currently, the EUR/USD is trading at 1.1341, having clocked a low of 1.1302 earlier today.
- The recovery could be associated with the bullish divergence of stochastic on the hourly chart and could be extended further to 1.1397 – a level which marks the confluence of the downward sloping 50-candle EMA on 4-hour and the descending trendline connecting Oct. 16 high and Oct. 22 high.
- A convincing break above 1.1397 is needed to confirm a temporary bottom has been made at 1.1302 and could yield a stronger corrective rally to 1.1433 (Oct. 19 low).
- A close below 1.13 would accentuate the bearish pressure around the EUR. The pair closed yesterday below the 50-month SMA, which is a bearish development.
4-hour Chart
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Trend: corrective rally likely
EUR/USD
Overview:
Last Price: 1.1341
Daily change: 29 pips
Daily change: 0.256%
Daily Open: 1.1312
Trends:
Daily SMA20: 1.1472
Daily SMA50: 1.1575
Daily SMA100: 1.1593
Daily SMA200: 1.1876
Levels:
Daily High: 1.1362
Daily Low: 1.1302
Weekly High: 1.1551
Weekly Low: 1.1336
Monthly High: 1.1625
Monthly Low: 1.1302
Daily Fibonacci 38.2%: 1.1325
Daily Fibonacci 61.8%: 1.1339
Daily Pivot Point S1: 1.1289
Daily Pivot Point S2: 1.1266
Daily Pivot Point S3: 1.1229
Daily Pivot Point R1: 1.1348
Daily Pivot Point R2: 1.1385
Daily Pivot Point R3: 1.1408
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