Technical Analysis Detail

EURUSD Analysis: Returns To Last Week High

by DAVID SONG,

Elliott Wave, Technical Analysis

Nov 23, 2017

A release of the disappointing US data created an upside momentum that enabled the pair to break through combined resistance formed by the 100-hour SMA, the weekly PP and the 38.2% Fibonacci retracement level. The subsequent publication of the FOMC Meeting Minutes as well as lowered anxiety about political situation in Germany only extended the surge and elevated the pair to October 26 high located at the 1.1837 mark. From trade patterns perspective, yesterday’s soar signified a rebound from the bottom boundary of a senior ascending channel. In essence, the pair is free to continue the surge, facing barriers only near the 1.1860 and 1.1880 levels. However, an area around the 1.1840 represents location of an alleged upper edge of the dominant descending channel, which is likely to a new rebound

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Fundamental Analysis :
The Greenback failed to strenghtnen against the European single currency over the row of the US economic releases on Wednesday. The EUR/USD pair entered an upmove after durable goods data, followed by the FOMC meeting minutes report, which caused 21 base points jump to the 1.1820 mark.
Commerce Department stated that the US durable goods orders fell sharply 1.2% in October, while its core measure marked sligtly weaker increase of 0.4% in the same period. However, the solid growth trend was sustained, pointing to the stronger contribution to the GDP in the Q4. Meanwhile, the FOMS minutes suggested that the key interest rate could be raised soon, if the medium-term prospective remain upbeat.
 

 

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