Technical Analysis: EURUSD

EURUSD rose to a 7-week high

On Wednesday, EURUSD continued rising. At one point, it reached 1.1677, the highest level since 17^th October.

The USDX was capped and declined

On Wednesday, as US ADP employment change filed to meet expectations in November, the USDX was capped and declined. It ended down 0.45% at 98.88.

Eurozone economic data was strong

Eurozone Services PMI (November) increased from 53.1 to 53.6 Vs. 53.1 (forecast), and Eurozone Overall PMI (November) climbed from 52.4 to 52.8 Vs. 52.4 (forecast), according to the data from the Markit.

The bullish market trend prevailed

the Chart of the Day

On the chart of the day, EURUSD increased 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 rise 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 is bullish. Investors should focus on whether EURUSD will break through the support at 1.162. It will climb if it retreats but is stable above 1.162.

Key resistance: 1.173,1.178

Key support: 1.162,1.159

Generally speaking, the bullish market trend prevailed in the short term. Investors should focus on Eurozone Retail Sales, m/m (October) during the day.