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EUR/USD Technical Analysis: Corrective Upswing Hinted Ahead

EUR/USD Technical Analysis: Corrective Upswing Hinted Ahead

2015-11-16 08:01:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Euro Mired in Narrow Consolidation Range, Positive RSI Divergence Hints at Rebound
  • Waiting for Attractive Short Setup in Line with Dominant Trend After Corrective Upswing

The Euro continues to oscillate in a narrow range against the US Dollar having touched the lowest level in six months last week. Positive RSI divergence points at ebbing downside momentum and hints that a corrective recovery may be brewing ahead.

A daily close above the 14.6% Fibonacci retracement at 1.0821 initially opens the door for a challenge of the 23.6% level at 1.0892. Alternatively, a push downward through range support marked by the 14.6% Fib expansion at 1.0711 clears the way for a test of the 23.6% threshold at 1.0637.

Positioning is inconclusive at this point but the dominant short- and long-term trend bias continues to broadly favor the downside. With that in mind, we will remain on the sidelines and wait for any on-coming upswing as an opportunity to enter short once corrective push fizzles.

Losing Money Trading Forex? This Might Be Why.

EUR/USD Technical Analysis: Corrective Upswing Hinted Ahead

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