EUR/USD -28/11/2023-
∙ EUR/USD bulls in charge after series of dismal economical data in the US which pushed investors and markets to believe that high inflation and rate hikes cycle are behind
∙ Triple bottom around 1.05 (bullish reversal)
∙ Today price pushed through 61.8% Fibonacci level of the summer decline (bullish)
∙ Buyers are approaching critical resistance levels which will test their commitment
∙ First resistance is the descending trend line near 1.11 followed by 200 SMA at 1.115 and yearly highs at 1.1260-70
∙ Triple bottom around 1.05 (bullish reversal)
∙ Today price pushed through 61.8% Fibonacci level of the summer decline (bullish)
∙ Buyers are approaching critical resistance levels which will test their commitment
∙ First resistance is the descending trend line near 1.11 followed by 200 SMA at 1.115 and yearly highs at 1.1260-70
Ramzi Abou Abdallah, CFTe, CMT
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