The EUR/USD pair extends its upside
corrective movement this Monday, trading above the 1.1600 figure in a
day with little fundamental releases and with US banks closed on
holiday. Earlier on the day, EZ Current Account resulted below expected
for November, recording a surplus of €18.1 billion, but investors so far
ignored the news. The latest upward move seems to have been triggered
by profit taking and some position adjustment ahead of the ECB later this week, still far from suggesting the pair may change course.
In the 4 hours chart, indicators are recovering from extreme oversold levels, whilst 20 SMA offers strong dynamic resistance around 1.1650, probable bullish target should the pair break above current daily high of 1.1627. A short term slide below 1.1590 exposes the pair to a slide down to 1.1540, where it has some intraday lows from the last 48 hours, with a break below it probably fueling the slide towards 1.1480/1.1500 area.
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In the 4 hours chart, indicators are recovering from extreme oversold levels, whilst 20 SMA offers strong dynamic resistance around 1.1650, probable bullish target should the pair break above current daily high of 1.1627. A short term slide below 1.1590 exposes the pair to a slide down to 1.1540, where it has some intraday lows from the last 48 hours, with a break below it probably fueling the slide towards 1.1480/1.1500 area.
Read more Click Here / www.trade4x.net
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