Market news

17 November 2021

EUR/USD Price Analysis: Sees a quick rebound to 1.1300 amid oversold conditions

  • EUR/USD rebounds swiftly from 16-month lows, battles 1.1300.
  • Oversold RSI conditions could offer temporary reprieve to EUR bulls.     
  • All eyes on Eurozone inflation for the next big move in the pair.

EUR/USD is struggling to extend the recovery from a new 16-month lows of 1.1264, currently battling 1.1300, as the US dollar clings onto the recent upside.

However, retreating US Treasury yields offer some relief to the EUR bulls while oversold conditions on the daily technical chart also come to the rescue of the bullish traders.

The main currency pair extended its losing streak into a sixth straight session on Wednesday, having witnessed a sharp 40-pips sell-off on a breach of the 1.1300 psychological level.

The 14-day Relative Strength Index (RSI) is pointing south while within the oversold territory, justifying the quick rebound in EUR/USD over the last hours.

However, if the bears defy the oversold conditions, then the daily low could be put to test once again, below which the 1.1250 barrier will be on the sellers’ radars.

EUR/USD: Daily chart

On the flip side, any recovery will need acceptance above the daily highs of 1.1327 to sustain.

Further up, the 1.1350 psychological barrier will challenge the bullish commitments.

EUR/USD: Additional levels to consider

 

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Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer.

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