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Technical analysis

15.11.201808:49 Forex Analysis & Reviews: Technical analysis for EUR/USD for November 15, 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 despite the initial rejection at the 38% Fibonacci retracement, made a higher low and is now making a higher high. Medium- and longer-term trend remain bearish as price remains inside a bearish channel and below 1.15.

Exchange Rates 15.11.2018 analysis

Green lines - expected path

Blue dots - medium strength support

Dark blue dots - maximum strength support

The anticipated bounce from 1.1250 has come according to our plan. Now we see that the more probable scenario is for EUR/USD to top around the 61.8% Fibonacci retracement at 1.1390 area and reverse for new lows. As long as we trade below 1.15 we remain medium-term bearish looking for a move below 1.10. Short-term support is at 1.1260 and resistance at 1.1390.

Alexandros Yfantis
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