EUR/USD Analysis (2015.11.19)
Market managed to test our support zone 1.0600-25 zone after Fed minutes yesterday while marker spark what may be the start of short-run rebound correction inside 1.0600 – 1.0780 zone
as we see over the chart Euro may build uptrend channel where support zone at 1.0635-55 zone , while as long as market holding trades above 1.0600 we expect another rebound toward 1.0780 levels
below 1.0600 market will add risk for more drop toward 1.0500 zone
This morning at 10:40 GMT, the EUR is trading at 1.0696 against the USD, 0.32% higher from the New York close, after Eurozone’s current account surplus unexpectedly rose in September. This morning, the pair traded at a high of 1.0719 and a low of 1.0655. The Euro traded marginally lower against the US Dollar in the New York session yesterday, with the pair closing the session at 1.0662. The pair is expected to its find support at 1.0636 and its first resistance at 1.0737.
EUR/USD Intraday: the upside prevails.
Most Likely Scenario: Long positions above 1.062 with targets @ 1.0725 & 1.0765 in extension.
Alternative scenario: Below 1.062 look for further downside with 1.056 & 1.05 as targets.
Comment: The RSI is mixed to bullish.
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