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  • 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

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