EURUSD – Near-term bias turns higher after correction

Slobodan Drvenica Windsor Brokers

EURUSD

The Euro regained traction and bounced from session low at 1.1637 to regain levels near Friday's peak at 1.1677. Weaker dollar helps to maintain momentum from last week's rally for attack at next barriers at 1.1685 (20SMA) and 1.1690 (03 Nov high). Rising hourly cloud and daily 10SMA continue to underpin after staying intact on today's pullback. Sustained break above 20SMA to open 30/100SMA's (1.1716/27) and would expose key obstacles at 1.1800/15 (55SMA/daily cloud base). Alternative scenario requires sustained break below 10SMA to neutralize near-term bulls.

Res: 1.1677; 1.1690; 1.1716; 1.1727
Sup: 1.1637; 1.1629; 1.1585; 1.1553

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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