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Since November 17, the euro has been recovering since it registered a low of 1.1263. It could be seen as an encouraging sign for the bulls. A strong resistance stands at 5/8 murray around 1.1353.
The 21 SMA acts as a dynamic resistance and could limit the recovery of EUR / USD. Since November 10, the euro has settled below this moving average and is now under downward pressure.
The pinbar Japanese candlestick pattern formed on November 17 means that the euro could rally for the next few days. However, it should break and consolidate above 1.1335, then it could rise to 1.1474.
According to the daily chart, the overall trend is bearish. Trading through the SMA of 21 (1.1335) could support the recovery of the Euro and it may rise to the resistance of 1.1474. This move will only be a technical correction and then resume its downward movement.
A sharp break above the SMA of 21 and 5/8 murray could accelerate the upward movement to the 200 EMA located at 1.1549.
Conversely, as long as it trades below 1.1353 (21 SMA), the euro may continue to be under downward pressure and could lose momentum and fall to 4/8 murray around 1.1230.
The US Dollar Index (#USDX) is trading around 95.70. This is an extremely overbought level. We expect that in the next few days, there will be a correction of the dollar which would enable EUR/USD to gain ground.
Our forecast in the next few hours for the euro is consolidation above 1.1353. As long as EUR/USD is trading above this zone, we will have an opportunity to buy with the target at 1.1474. If 6/8 is broken, we could buy with targets at 1.1552 (200 EMA).
The market sentiment report for today, November 18, shows that there is 72.63% of operators who are buying the EUR/USD pair. This data provided a bullish sign and we could expect a recovery to 1.1474. Then, the price may again resume its downward movement with the target at 1.1104.
Support and Resistance Levels for November 18 - 19, 2021
Resistance (3) 1.1410
Resistance (2) 1.1370
Resistance (1) 1.1352
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Support (1) 1.1318
Support (2) 1.1302
Support (3) 1.1274
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A trading tip for EUR/USD for November 18 - 19, 2021
Buy above 1.1353 (SMA 21) with take profit at 1.1474 (6/8) and stop loss below 1.1318.
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