The Euro is building up after bouncing from 1.4625 low on Tuesday, reaching levels right below 1.4900 and the pair bullish momentum will increase if it remains above 1.4700, according to Nicole Elliott, senior technical analyst at Mizuho Corporate Bank.
Euro bullish pressure will accelerate, while above the 50-day MA, says Elliott: "Indecision with yesterday’s ‘doji’ candle. Bullish pressure might increase fractionally if we hold above the 50-day moving average at 1.4700."
Resistance levels, according to Elliott, lie at 1.4884, 1.4919 and 1.4930. On the downside, support levels lie at 1.4854, 1.4800 and 1.4735.
EUR/USD (Nov 06 at 09:23 GMT)
H 1.4901 L 1.4854
| S3 | S2 | S1 | R1 | R2 | R3 |
| 1.4801 | 1.4838 | 1.4876 | 1.4894 | 1.4932 | 1.4969 |
| [?]Trend Index | [?]OB/OS Index |
| Slightly Bullish | Neutral |
| Data updated on Nov 06 at 09:20 (15-minute timeframe) |
[ View EUR/USD Technical Studies ]
