EUR/USD - H1
The Eurodollar started the day on a solid footing, following its post-NFP's rebound, but it comes under pressure during the start of the European session.
As long as the US Dollar faces difficulties and the pair holds above the EMA100 (black line), it can push for fresh November highs (current at 1.1617). A greater advance however, beyond the downward trend line from September (1.1650-60), continues to have a higher degree of difficulty.
The technical outlook has not changed much from yesterday's analysis, in which we highlighted that the Euro's recent visits above EMA100, have been short-lived. In light of this, we can see more pressure to the mid-1.1500s, although the next big support at 1.1450-92 seems remote at this stage.
In any case, the next leg is likely to be determined by tomorrow's US CPI Inflation, and firm direction may prove elusive until then.
Past Performance: Past Performance is not an indicator of future results.
Senior Market Specialist
Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. He has a long time presence at FXCM, as he joined the company in 2011. He has served from multiple positions, but specializes in financial market analysis and commentary.
With his educational background in international relations, he emphasizes not only on Technical Analysis but also in Fundamental Analysis and Geopolitics – which have been having increasing impact on financial markets. He has longtime experience in market analysis and as a host of educational trading courses via online and in-person sessions and conferences.