EUR/USD, Monday forecast, November 18
Today, there is no important news for the market, so trading is going to be purely technical.
Forecast and technical analysis
Downtrend
The downtrend may be expected to continue, while the EUR/USD pair is trading below resistance level 1.1072, which will be followed by reaching support level 1.1056 and 1.1043.
Uptrend
An uptrend will start as soon, as the EUR/USD pair rises above resistance level 1.1072, which will be followed by moving up to resistance level 1.1092.
(Click on image to enlarge)
Weekly forecast: November 4 - 8
Fed Chairman Jerome Powell said that the Fed will not continue to decrease % rates and it will take a pause, which is a positive signal for the US Dollar in a long-term perspective. At the same time, we can see the Manufacturing PMI recovery above 51 points, which is showing the strength of the US economy, and at the same time, the EU PMI is below 50 points, which is saying a lot about the eurozone recession.
Most important news of this week
- Monday: EU Manufacturing PMI; ECB President Lagarde Speaks
- Tuesday: US Markit Composite PMI; Services PMI; ISM Non-Manufacturing PMI; API Crude Oil Stock
- Wednesday: EU Markit Composite PMI; Services PMI; Crude Oil Inventories
- Thursday: EU Eurogroup Meeting
- Friday: EU Finance Ministers Meeting;
Forecast and technical analysis
Downtrend
The downtrend may be expected to continue, while the EUR/USD pair is trading below resistance level 1.1200, which will be followed by reaching support level 1.1072.
Uptrend
An uptrend will start as soon, as the EUR/USD pair rises above resistance level 1.1200, which will be followed by moving up to resistance level 1.1249 - 1.1370.
(Click on image to enlarge)
Monthly forecast, November - December
Downtrend
The downtrend may be expected to continue, while EUR/USD pair is trading below resistance level 1.1200, which will be followed by reaching support level 1.1072 and if it keeps on moving down below that level, we may expect the EUR/USD pair to reach support level 1.0940, if it was a different case the market would've had correction back to resistance 1.1200.
Uptrend
The uptrend may be expected to continue in case the market rises above resistance level 1.1200, which will be followed by reaching resistance level 1.1370.
(Click on image to enlarge)
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