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EURUSD Rebounds After Testing Long Term Major Support

EURUSD has retraced 2.99% from the US presidential election date, to 18th Nov, as a result of the strengthening of the dollar. It has marked 10 consecutive losing days from 7th to 18th Nov.

EURUSD hit an eleven-month low of 1.0568 on 18th Nov, yet the price has rebounded after testing the long term significant support line at 1.0600, as it provides a much stronger support.

The price is moving from the lower band of the Bollinger Band indicator towards the upper band, indicating the bearish momentum is waning.

The 4 hourly Stochastic Oscillator is above 70, suggesting a pullback prior to the next rally.

The resistance level is at 1.0650, followed by 1.0700 and 1.0730.
The support line is at 1.0600, followed by 1.0550 and 1.0500.

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