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EUR/USD: TECHNICAL ANALYSIS 04.11.2019

Current trend

The EURUSD pair begins today’s trading with a slight bullish bias. At the moment the price has met the resistance at the level of 1.11733. The area of 1.11733-1.11790 is a strong resistance zone, which can activate a downward rebound. Decisive breakout and pair' sustained trading above of 1.11800 are needed to indicate uptrend resumption. In this case, the buyers will have their sight on the resistance at 1.12000.
Alternative scenario.
The rebound from 1.11790 and pullback below 1.11542 can lead the price to 1.11450-1.11389 support zone.
The downward trend will be restored after the price is set below the level of 1.11380.
In this case, the next targets of sellers will be the level of 1.11237-1.11084.
The area of 1.11084 seems a key level for the sellers in a short term period.
The technical picture is mixed. Bollinger Bands are pointed upwards. MACD is slowly growing in the positive zone. Stochastic is in the overbought zone and is pointed sideways.

Support and resistance

Support levels: 1.11542, 1.11389, 1.11084.
Resistance levels: 1.11790, 1.12000, 1.12000.

Trading recommendations

Long positions can be opened above the level of 1.11790 with the target at around 1.12000 and stop-loss 1.11720.
Short positions can be opened below the level of 1.11380 with the target at around 1.11084 and stop-loss 1.11478.

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