EURUSD rebound stays on the cards until breaking 1.1147
Although EURUSD bears keep reins around the yearly, the odds of a corrective pullback can’t be ruled out considering the quote’s ability to stay beyond a three-week-old resistance line, now support, as well as 50-SMA. Also favoring the pair buyers is the firmer RSI line and recently bullish MACD signals. That said, November 18 swing high near 1.1375 acts as immediate resistance for the pair traders to watch ahead of the 50% Fibonacci retracement level of October 28 to November 24 downside, around 1.1440. In a case where the pair buyers keep reins past 1.1440, the 1.1500 threshold and 1.1515 levels may probe them before closing the doors for the sellers.
Alternatively, fresh downside needs validation from a 50-SMA level of 1.1270, a break of which will direct the pair sellers towards the yearly low of 1.1185. However, the resistance-turned-support and a broad horizontal area comprising multiple levels marked since March 2020, around 1.1165-47, will be a tough nut to crack for the pair sellers afterward. Should the quote drops below 1.1147, the 1.1000 threshold will be in the spotlight.
Alternatively, fresh downside needs validation from a 50-SMA level of 1.1270, a break of which will direct the pair sellers towards the yearly low of 1.1185. However, the resistance-turned-support and a broad horizontal area comprising multiple levels marked since March 2020, around 1.1165-47, will be a tough nut to crack for the pair sellers afterward. Should the quote drops below 1.1147, the 1.1000 threshold will be in the spotlight.