Technical Analysis EUR/USD for November 13, 2015

The EUR/USD whipsawed on Thursday first tumbled below 1.07 on Draghi fueled easing speculation as the central bank head emphasized clear downside risks to the growth outlook.  The comments fueled a risk off selloff in equities which drive the greenback lower allowing the EUR/USD to gain a toe hold and rally back above the 1.08 level. The level was too high for traders, and the currency pair was sold off from resistance level near 1.0817.  The 10-day moving average also looms as resistance at 1.0853. 

Momentum remains negative but the trajectory of the MACD (moving average convergence divergence) which is a momentum indicator, appears to be turning, as the currency pair attempts to rebound.  The RSI (relative strength index), which is a momentum oscillator, has moved from oversold territory below 30, back to the 36, level which reflects accelerating positive momentum. Support on the currency pair is seen near the March lows at 1.0480.