EURUSD Analysis: Still trying to figure it out [Video]
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The EUR/USD attempted a recovery but found itself on the back foot once again
The EUR/USD hit a new high of 1.1500 but was unable to hold onto it. The failure resulted in a gradual drop to the bottom of the range. The US Mid-Term elections yielded a divided government: Democrats won the House and Republicans retained the Senate, a result that had been forecast by the polls.
EUR/USD managed to recover and recapture 1.1300 as the market mood temporarily improved. What's next? The next moves to the upside may be harder.
The Technical Confluences Indicator shows that EUR/USD faces a dense cluster of resistance lines at 1.1365. This includes the Pivot Point one-day Resistance 1, the Fibonacci 23.6% one-week, the Bollinger Band one-hour Upper, the Simple Moving Average 200-1h, and the SMA 50-4h.
The next hurdle is more potent. At 1.1385 we see the convergence of the BB one-day Middle, the Fibonacci 38.2% one-week, and the Fibonacci 23.6% one-month.
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