The euro strengthened on Tuesday

16 November, 2016

The euro strengthened on Tuesday despite a weaker GDP in Germany. The single European currency strengthened on the back of stronger-than-expected Economic Sentiment in Euroland.

Current situation

The pair remained in the red figures on yesterday's trades. The EURUSD touched an 11-month low on Monday before pulling back yesterday. The euro regained lost footing versus its American counterpart on Tuesday. Prices bounced off the border of the oversold zone and were able to escalate to 1.0800. The common currency just tested the mentioned level and rolled back post-Europe open. The pair broke the 50-EMA in the 1 hour chart. All moving averages kept moving lower. The resistance is seen at 1.0800, the support could be found at 1.0750.

The indicators remained in extreme oversold levels. MACD grew which indicates the sellers’ positions weakening. RSI bounced off the oversold area.

Trading recommendations

A break above 1.0800 will extend the current rebound. In this scenario the EUR/USD pair may test the 1.0850 level and fill the Monday's gap. If bears retain control prices may fall to 1.0650.


Source  
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