EUR/USD, Tuesday forecast, November 19
Today, there is no important news for the market, so trading is going to be purely technical.
Forecast and technical analysis
Uptrend
The uptrend may be expected to continue, while the EUR/USD pair is trading above support level 1.1062, which will be followed by reaching resistance level 1.1089 and 1.1128.
Downtrend
A downtrend will start as soon, as the EUR/USD pair drops below support level 1.1053, which will be followed by moving down to support level 1.1029 - 1.1017.
(Click on image to enlarge)
Weekly Forecast: November 18 - 22
This week, before Wednesday, we do not expect to have any important news, so this can be the reason for the market’s correction. EUR/USD previous week had a good correction to the key resistance level at 1.1072. The US positive economic signal will start to push the market down back to the 1.1017 key level support.
Most important news of this week
- Wednesday: FOMC Meeting Minutes
- Friday: EU and US PMI’s
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 1.1017 - 1.1006.
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 1.1170.
(Click on image to enlarge)
Monthly forecast, November - December
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 and if it keeps on moving down below that level, we may expect the EUR/USD pair to reach support level 1.0940.
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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