EUR/USD Technical Analysis: Euro bulls getting a good deal on Black Friday

 

 

 

The euro/dollar currency pair, on the daily time frame, is trading in a downtrend below the main daily simple moving averages (DMAs). This Friday, on an intraday basis, the market dropped to six-week lows but the bulls stepped in lifted the pair back above the 1.1000 handle.

 

 

EUR/USD formed a double bottom in November near the 1.1000 handle and rose above the 1.1020 resistance becoming now support. If the bulls can break 1.1035 resistance, the market is set to climb towards the 1.1047 and 1.1075 price levels, according to the Technical Confluences Indicator. 

  

 

Although the weekly range was small, EUR/USD almost reversed the entire week in a matter of a couple of hours. The spot is trading back above the main SMAs, suggesting bullish momentum in the near term. Support can be seen at the 1.1020 level and 1.1000 handle.