Technical Analysis EUR/USD for 11/10/15

The EUR/USD edged higher on Monday after dropping more than a big figure on Friday as a stronger than expected Eurozone investor confidence report lifted the EUR/USD.  Resistance on the currency pair is seen near the 5-day moving average at 1.0840, while support is seen near the March lows at 1.0480. The only caveat is that the RSI (relative strength index) is printing a reading of 29, which is below the oversold trigger level of 30 and could foreshadow a correction.

The Eurozone NovemberSentix investor confidence rose to 15.1 from 11.7 in the previous month, with improvements in both the reading for the current situation, as well as the expectations reading. The latter jumped to 14.3 from 10.5 in October, still below the levels seen earlier in the year.