EUR/USD: the recent recovery is on track [Video]
|EUR/USD
There was a decisive positive reaction on EUR yesterday to the news that a Brexit deal was progressing. The inference for the outlook on EUR/USD is that the recent recovery is on track. The two week uptrend was tested yesterday but just held on and with the market again closing above the $1.1000/$1.1025 breakout band, the outlook continues to improve. However, there is still a degree of consolidation to recent candles, which are hanging on rather than pressuring overhead supply. The strength of the medium term momentum configuration leaves a positive bias, but the need for a positive candlestick is growing now. Resistance at $1.1060 needs to be broken to open the next phase of recovery to then challenge the key resistance at $1.1100. Support is now in place with yesterday’s low at $1.0990 and a breach would begin to seriously question near to medium term recovery prospects.
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