EUR/USD bulls in the driving seat – FXStreet

By FXStreet FXStreet (Greenback) – Valeria Bednarik, chief analyst at FXStreet explained that the American dollar closed the day generally higher against all of its major rivals, albeit the EUR/USD pair trimmed most of its intraday losses in the US session.

Key Quotes:

“The pair fell down to 1.0795, its lowest ever since ECB’s Draghi announced a soft extension of QE last Thursday, and triggered the largest EUR advance in over five years. Ever since, the common currency has been presenting a bullish tone that persists, despite the pair ending the day in the red. The macroeconomic calendar was soft, with Germany releasing its Industrial Production data for October, up by 0.2% compared to a month before, but flat on the year. The intraday decline however, can be blamed on a strong advance in European equities at the beginning of the day, later erased.

The intraday technical picture is far from suggesting a downward continuation, and the pair seems ready to extend its recovery, given that in the 1 hour chart, the price is back above its 20 SMA, while the RSI indicator aims higher around 53.

In the 4 hours chart, the Momentum indicator has returned to 100, presenting now …read more

Source:: FX Street