EUR/USD – pointing to 1.15

For more than one-week now we have been watching consolidated action in the EUR/USD pair. The spot has had a relook at 1.1450 now and is again slipping back to 1.1430 levels.

Hourly chart

EURUSD H1 (04-11-2016 1956).png

But not the interesting thing. Hourly 200-MA has acted as a strong support. Fresh bids came-in today around hourly 200-Ma, taking the spot higher.

On the daily chart, multiple spinning tops is followed today by a green hammer like formation, which tells me bulls may have gained an upperhand in the battle with bears.

Prices may not go to 1.15 today, but a positive closing anywhere above 1.14 could be enough to trigger another 100-pip rally in the pair. Overall 1.15 appears possible, unless hourly 200-MA support is breached on hourly closing basis.

 

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