22.11.201909:13 Forex Analysis & Reviews: Technical analysis of EUR/USD for 22/11/2019:

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.

Technical Market Overview:

The EUR/USD pair has made another local high at the level of 1.1096 which was just above the key technical resistance located at the level of 1.1091, but the bears were able to push the price back to the trading range. It was the second attempt to rally and it did not succeed either. The immediate technical support is seen at the level of 1.1052 and if violated, then the next target for bears is seen at the level of 1.1029.

Weekly Pivot Points:

WR3 - 1.1148

WR2 - 1.1102

WR1 - 1.1085

Weekly Pivot - 1.1036

WS1 - 1.1017

WS2 - 1.0968

WS3 - 1.0949

Trading Recommendations:

The best strategy for current market conditions is to trade with the larger timeframe trend, which is down. All upward moves will be treated as local corrections in the downtrend. The downtrend is valid as long as it is terminated or the level of 1.1445 clearly violated. There is an Ending Diagonal price pattern visible on the larget timeframes that indicate a possible downtrend termination soon. The key short-term levels are technical support at the level of 1.0999 and the technical resistance at the level of 1.1267.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.