Monday, November 6, 2017

The Euro could not break support

The Euro versus the Dollar continues finding some good support at the 1.1600 level without being able to break it to the downside, at the same time, the pair has not been able to bounce to the upside. On the daily chart we can see that the pair has tested the 1.1600 level on several occasions and as the EUR/USD touches more times the 1.1600 level, the probabilities of seeing a bearish break down rise. If the pair breaks to the downside, then its next support could be the 1.1500 where we can find the 200 day EMA. To the upside, the 1.1689 level has been a good support in the past and now is acting as a resistance. If the EUR/USD breaks above the 1.1689 level, its next resistance level could be the 1.1800 level. 

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