Technical Analysis EUR/USD for 11/4/15
The EUR/USD edged lower as the ECB’s Draghi struck a relatively balanced tone in his afterhour’s speech, expressing confidence that the bank will meet its price stability mandate. He continued to back the success of the asset purchase program in supporting credit for firms and households.
The currency pair moved toward support near an upward sloping trend line that connects the lows in June to the lows in October and comes in near 1.0915. Resistance is seen near the 10-day moving average at 1.1041. Momentum remains negative with the MACD printing in the red and the RSI moving lower with price action dipping below for into the lower end of the neutral range.