EURUSD buying opportunity | 17 Nov 2022
The Euro experienced a rapid ascent on 10 November following the Dollar’s nosedive after lower than expected US inflation data was released the same day. Traders temporarily hesitated at the psychological barrier of 1.01800, but gave way to recent Dollar weakness that extended the bullish bias. Once again, price encountered a barrier at the 1.03200 resistance zone which coincides with the 23.6% fibonacci retracement, but managed to push through after testing the zone multiple times. Having skyrocketed over the week, we expect price to continue increasing at a more gradual pace to the next resistance zone at 1.05800. Stochastic RSI is in the oversold region, where an exit of this region could see more upside, while price is lying above the Ichimoku cloud, supporting our bullish forecast.
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