As we wrote and point in our EUR/USD analysis from October 27. the pair has stoped the fall at the support trend line near 1.1550, after which the buyers has formed the strong support line at that level. After October 27. they have tried to push higher, but exactly as we pointed, the sellers helt the resistance line for several times at 1.1680/720. As sellers have took over the pair there, thay have tried to broke the support 1.1550 again on November 07., but the buyers have deffend the line and returned the pair up on resistnace once again. The have formed strong up trendline in the previous 5 days and today finaly broke the resistance level, channel trendline as well. As they have reach 1.1800 today, that could be huge step for the euro and possible sign for furder upward move, first toward 1.1900. As we see, 1.1700/30 could be a strong support level now, if the pair slide back. It’s great to see the euro back, isn’t it!? 🙂
Btw. Keep in mind this. If and soon as the euro aproach the 1.20, we can expect dovish talk from the ECB’s members, mainly from Mr.Draghi!