·
EUR/USD
failed to reach the 1.3600
level and after finding support at 1.3612 (S1), moved higher to trade again
above 1.3650. The pair is now trading below the resistance of 1.3685 (R1),
which lies near the 50-period moving average. Comparing both our momentum
studies with the price action, we can identify positive divergence, thus I
cannot rule out further advances. Moreover, on the daily chart, we can see a
possible piercing line candle formation, favoring the continuation of the
rebound. Nonetheless, considering that ECB policy makers are “comfortable” of
taking action at the Bank’s meeting next week, I still consider any bullish
waves as renewed selling opportunities before the bears prevail again.
·
Support: 1.3612 (S1),
1.3475 (S2), 1.3400 (S3).
·
Resistance: 1.3685
(R1), 1.3745 (R2), 1.3790 (R3).
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