FX.co ★ Technical analysis of EUR/USD for November 23, 2022

Overview :

Key level sets at the price of 1.0270. 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 1.15% in a day, 5.25% in a week, and 27.75% 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.