Technical Analysis: EURUSD

EURUSD hit more than one-week high

On Wednesday, EURUSD rose for the third consecutive trading day, with the price reaching 1.0871, a new high since October 21.

The USDX fell under pressure

On Wednesday, the US Department of Commerce released data showing that the initial annualized quarterly rate of real GDP in the third quarter of the United States was 2.8%, lower than market expectations and the previous value of 3%. Affected by this, the USDX fell under pressure and ended down 0.17% at 104.09

The annual GDP rate of the eurozone in the third quarter was better than expected

The data released by the European Statistical Office showed that the initial annual GDP rate of the eurozone in the third quarter was 0.9%, better than the market expectation of 0.8%, and the previous value was 0.6%.

Technically speaking, the bullish market trend prevailed in the short term 

the Chart of the Day

On the 4-hour chart, EURUSD stabilized and rebounded. The bullish market trend prevailed in the short term. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing EURUSD will rise further. Investors should focus on whether EURUSD will break through the resistance at 1.090. It will jump further with potential resistance at 1.095 if it breaks above the resistance at 1.090.

4-hour chart 

On the 4-hour chart, EURUSD stabilized at a low level. The bullish market trend prevailed in the short term. In terms of technical indicators, MACD went upwards after golden cross occurred, showing that the market trend is bullish. Investors should focus on whether EURUSD will break through the support at 1.081. It will rise further if it retreats but is stable above 1.081.

Key resistance: 1.090,1.095

Key support: 1.081,1.076

Generally speaking, affected by the decline in the USDX and the eurozone's GDP data being better than market expectations, EURUSD is more likely to rise further in the short term.