EURUSD turns positive late on Wednesday's North American session, but it remains shy of reclaiming the 200-day moving average (DMA) at 1.0802, seen as the next resistance level for buyers. The pair is trading at 1.0708, after forming a ‘tweezers bottom’ chart pattern, with bullish implications.The daily chart portrays the pair is neutrally biased, though slightly tilted to the upside, but within the boundaries of a ‘bearish flag.’ On November 6, despite breaching the top of the flag, the EUR/USD finished the session offered, forming an inverted hammer, suggesting the EUR/USD could resume downwards. Even though the pair printed a three-day low of 1.0659, it failed to breach support at the 38.2% Fibonacci level of the Fibonacci retracement drawn from the November 1 low to the November 6 swing high, keeping buyers hopeful of higher prices.
Key resistance levels is at 1.0758, November’s 6 high, followed by the 200-DMA at 1.0802. On the flip side, the first support is seen at the 38.2% Fibonacci level at 1.0654, followed by the confluence of the 50-DMA and the 50% Fibo retracement at 1.0624/35.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.