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14.11.201808:51 Forex Analysis & Reviews: Technical analysis for EUR/USD for November 14, 2018

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

EUR/USD has bounced as expected from 1.1230 area towards 1.13 as we expected in our previous analysis. Here at 1.13 we have short-term confluence of resistance. Previous lows that was once support is here. 38% Fibonacci retracement is here. And our own proprietary indicator resistance is here as well.

Exchange Rates 14.11.2018 analysis

Red dots - short-term maximum resistance

Blue dots - short-term medium strength support

Green lines - expected path

On a daily basis resistance is at 1.1375 while at 1.1390 we have the 61.8% Fibonacci retracement resistance. If EUR/USD manages to break and hold above the red dots in the 4 hour chart, we could then see a move towards the 1.1375-1.1390 area. A rejection at current level of resistance at 1.13 could lead to new lows. Support is at 1.1240-1.1220. Breaking below this level will push price below 1.12 towards 1.1150.

Alexandros Yfantis
Analytical expert of InstaForex
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