12.11.201809:01 Forex Analysis & Reviews: Technical analysis for EUR/USD for November 12, 2018

Long-term review

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EUR/USD is making new lows towards 1.1280 as expected from last week. The rejection at 1.15 and the break below 1.1380 were the important points of last week that showed us that the longer-term bearish trend was intact and that the short-term bounce was over. New lows were expected and no trader should be surprised.

Green lines - bearish channel

Black dots - medium strength resistance

Red dots - maximum strength resistance

The short-term bounce was short lived. Resistance at 1.15-1.1470 was never broken on a daily basis. Instead the rejection was a bearish sign. Price is now making new 2018 lows and is heading towards 1.10-1.08. Yes we might see a bounce but as long as price is below 1.15 we remain bearish. Short-term resistance is at 1.1380 and next at 1.1420. We might see a back test of the 1.1380-1.1350 area but overall trend remains bearish.

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