The EUR/USD pair is at an all-time high against the dollar around the spot of 1.0368 for 2 months. The EUR/USD pair is inside in upward channel. Closing above the major support (1.0270) could assure that the EUR/USD pair will move higher towards cooling new highs. The EUR/USD pair is continuing rising by market cap at 1.25% in a day, 8.75% in a week, and 37.50% in a month, and is trading at the area of 1.0270 and 1.0368 after it reached 1.0480 earlier. The EUR/USD pair has been set above the strong support at the price of 1.0270 which coincides with the 61.8% Fibonacci retracement level. This support has been rejected three times confirming the veracity of an uptrend.
The bullish trend is currently very strong on the EUR/USD pair. As long as the price remains above the support levels of 1.0270 and 1.0300, you could try to benefit from the growth. The first bullish objective is located at the price of 1.0403. The bullish momentum would be boosted by a break in this resistance (1.0480). The hourly chart is currently still bullish. At the same time, some stabilization tendencies are visible between 1.0270 and 1.0480 in a few minutes. Together with the relatively large distance to the fast-rising 100-day moving average (1.0368), there are some arguments for a relief rally in coming months on the table.
The EUR/USD pair is at highest against the dollar around the spot of 1.0368 and 1.0480 USD for three weeks - the EUR/USD pair is inside in upward channel. The EUR/USD pair decreased within an up channel, for that the EUR/USD pair its new highest 1.0403. Consequently, the first support is set at the level of 1.0270. Hence, the market is likely to show signs of a bullish trend around the area of 1.0270.
Our sentiment on the EUR/USD pair - EUR vs. US Dollar : - Short term : Bullish market in short term.
- Tacit : Bullish market in long term.
Be careful, given the powerful bullish rally underway, excesses could lead to a possible correction in the short term. If this is the case, remember that trading against the trend may be riskier. It would seem more appropriate to wait for a signal indicating reversal of the trend. The EUR/USD pair price could be awaiting a major upswing if the digital savings manages to slice above a fatal line of the first resistance that sets at the price of 1.0480 (Horizontal red line).
If the EUR/USD pair fails to break through the support prices of 1.0270 USD today, the market will rise further to 1.0403 so as to try to break it. The EUR/USD pair is one the best overall investment for Nov. 18th, 2022. However, if you want to try to improve the growth of the EUR/USD pair, thus it seems great to buy above the last bearish waves of 1.0270.
The market is likely to show signs of a bullish trend around the spot of 1.0270. Buy orders are recommended above the spot of 1.0270 with the first target at the price of 1.0403; and continue towards 1.0480 in order to test the last bullish wave.
On the other hand , if the EUR/USD pair fails to break through the resistance price of1.0480 today, the market will decline further to the 1.0270 level.
The general bullish opinion of this analysis is in opposition with technical indicators. As long as the invalidation level of this analysis is not breached, the bullish direction is still favored, however the current short-term correction should be carefully watched. The bulls must break through 1.0480 in order to resume the uptrend.
It might be noted that the level of 1.0480 is a good place to take profit because it will tes the double top in coming hours.