EUR/USD Technical Analysis: November 3, 2016
As the issues regarding the presidential election in the United States arose, the dollar relatively fall to its three-week low. Furthermore, various reports released in Germany had greatly affected the growth of euro. As of the moment, the euro hovers in the short-term bullish momentum on Wednesday.
The pair comes up with a strong level of resistance over the 1.100 which caused for the EURUSD to soften. The euro and greens are trading on its fresh 3-week high below the 1.100 during the EU hours. The price intervenes the 200-EMA then headed northwards as indicated in the 4-hour chart. All moving averages maneuver an upwards slope in the same chart. Resistance proceeded at 1.1100 level, support comes in at 1.1050.
The MACD thrived and showed buyer’s strength. RSI indicator consolidated in the overbought condition. According to forecasts, in case that the positive tone is kept the euro will fall in between the 1.1100-1.1150 regions.
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