Euro bulls are "strong on the outside but weak on the inside" analysts: always be alert to being "blocked"

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FX168 Financial Newspaper (Hong Kong) News Tuesday (November 20) morning in Europe, euro /The dollar hovered around 1.1470. Recently, the exchange rate has rebounded and risen all the way. Since the low of 1.1213 hit earlier, it has climbed steadily, and has closed up at a longer positive line for five consecutive trading days. The intraday exchange rate further extended its rise, reaching a peak of 1.1472.

Joshua Gibson, an analyst at FXStreet, recently wrote a brief technical analysis and forecast on the trend of the euro/dollar. The specific contents of his opinions are as follows:

EUR/USD intraday support was at 1.1435, which was also the key pivot level for the day.

(Euro/USD 5-minute image source: FXStreet, FX168 financial website)

Over the past two weeks, the euro/dollar has rebounded from the regional low of 1.1200, entering a short-term correction rebound pattern. At the same time, the 100 hour moving average is near 1.1360, and there is expected to be new buying in this area. If the exchange rate reaches this level, it is expected to find the starting point and move up further to get out of a higher low point.

(30 minute euro/dollar chart source: FXStreet, FX168 financial network)

However, further extending the time to the past four months, the euro/dollar is still in a downward trend. Although the exchange rate is testing the medium-term downward channel, the latest upward trend still faces 200 average resistance levels, which is a dynamic resistance indicator, and has kept the exchange rate in a downward trend since the medium-term high of 1.1815.