EURUSD buying opportunity | 28 November 2022- On the H4 timeframe, EURUSD came to test the resistance turned support zone at 1.02000, where a breakthrough led its ascent to the next resistance zone at 1.04650. Price retraced back down to the previous demand zone again, where it was aided by upbeat economic data in the EU and a confirmation of rate hike slow downs in the US to ascend back to the 1.04650 resistance zone again. In the weeks ahead, we forecast that the retreating dollar will extend the Euro’s bullish momentum to the next resistance zone at 1.07500.
- Stochastic RSI has dipped and exited the oversold region, where we can also see a bullish divergence. Meanwhile, EURUSD tapped into the lower bound of the Bollinger Bands, before ascending over the Moving Average to current price. Both technicals are showing bullish signals, which supports our bullish bias.
