Forex Technical Update
The Euro got a bought of strength coming into the 11/18 US trading session. The market is now trading sideways instead of with a declining trendline.The RSI reading in the 1H chart is about to break 60, and by doing so will reflect loss of bearish momentum. A break above 70 will confirm bullish momentum. The rSI in the 4H chart is also closing in on 60, and a break above that will open up higher resistance levels as possible targets.
You can see 0.8520 as support, while the 0.8580 level might serve as near-term resistance. The more important levels of support are at 0.86 and then 0.8640 seen in the 4H chart. For now, these should be the most aggressive bullish outlook. If there is a throwback, the 0.8560 level should hold as support if the market is to confirm the bullish outlook.