Technical Analysis: EURUSD

EURUSD rose to a one-week high

On Wednesday, EURUSD climbed for the second straight trading day to the highest level since 9^th October.

The USDX broke below the 99 mark

On Wednesday, the USDX fell for the second straight trading day and broke below the 99 mark. It ended down 0.4% at a one-week low of 98.66.

Eurozone industrial production was better than expected in August

Eurozone Industrial Production, m/m (August) fell from 0.3% to -1.2% Vs. -1.6% (forecast), according to the data from the Eurostat.

The bullish market trend prevailed in the short term

the Chart of the Day

On the chart of the day, EURUSD rose steadily. The bullish market trend prevailed in the short term. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing that EURUSD will jump further. Investors should focus on whether EURUSD will break through the resistance at 1.173. It will climb with potential resistance at 1.178 if it breaks above 1.173.

4-hour chart

On the 4-hour chart, EURUSD was prone to fluctuation and climbed. The bullish market trend prevailed. In terms of technical indicators, MACD went upwards after golden cross occurred, showing that the market trend was bullish. Investors should focus on whether EURUSD will break through the support at 1.163. It will rise if it retreats but is stable above 1.163.

Key resistance: 1.173,1.178

Key support: 1.163,1.160

Generally speaking, the bullish market trend prevailed in the short term. Investors should focus on US economic data during the day.