EUR/USD had a rough beginning in November: the surprising rate cut by the ECB was followed a small recovery, but that didn’t last as the positive Non-Farm Payrolls hit the fan.
But since this second low, EUR/USD began a journey of recovery, which also looks good on the charts, especially if we examine the uptrend support line.
Here is the 30 minute chart:
The uptrend support line was formed on November 8th, and was touched no less than 3 times since then. The wider uptrend resistance line was touched again only once, but in a tighter scope, we can clearly identify 3 more touches.
In recent days, not only the uptrend resistance line is narrowing, but also uptrend support is getting further away, and the pair trades in a more limited and narrow upwards movement.
The top of 1.3570 is of high significance, as it also worked as both support and resistance in the past. Another notable line is 1.3487 which worked as support in the beginning of the month.
For more lines, events and analysis, see the EUR to USD forecast.
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