And the EURUSD moves back down
Up on Monday, down on Tuesday, up on Wednesday, down and up on Thursday, down on Friday. The EURUSD has seen its share of back and forth uncertainty. Lower stocks this morning are pressuring the pair. Oil is down 0.55 cents. Spot gold is down $1.50 or so.
From a technical perspective, the EURUSD found support yesterday at the 1.4845 area (low was 1.4843). This level corresponded with the gap low from Friday November 6th low (gapped higher on November 9th). The price is now back approaching this level. With no economic data due out today, I would expect early buyers on the value. A break next targets the 1.4807 area which is the low for the week. Watch the 1.4882 level on the topside as resistance. This was the first low level reached today, was the corrective high after breaking through in London and also was a level of interest in yesterdays market (see chart below).
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just to let you know “From a technical perspective, the EURUSD found support yesterday at the 1.4545 area (low was 1.4543). ” ?? We didn’t hit that leve yesterday. Man you scared me for a second when I read that. I thought I was sleeping through 300 pip move. haha
I did that yesterday too and a reader corrected me. My mind is seeing 1.4845 but writes/types 1.4545. I changed it (again) Thanks Peter