EUR/USD: technical analysis 11.12.19

Current trend

EUR/USD quotes attempted to grow, but reaching a 1.10950 mark moved to a downward correction.
The first target of the correction is the level of 1.10779, which corresponds to the middle line of Bollinger Bands. There is a chance of an upward rebound, while its breakdown will be a signal for downward trend resumption and let the price decline to 1.10626-1.10474.

Alternative scenario

Pullback above 1.10950 will give a prospect of growth to 1.11084 resistance which is the key level for the buyers. The area of 1.11084-1.11155 can prevent the instrument from growing, as the possibility of the reverse of the price is high there. However, the decisive break of 1.11155 could trigger a pair’s fresh run-up to a one-week high surrounding 1.11389.

Technical indicators

Technical indicators mostly maintain a buy signal.

MACD is growing in a positive zone.

Stochastic is pointed upwards, reflecting the high possibility of upward movement formation.

Bollinger Bands are pointed sideways.

Support and resistance

Support levels: 1.10779, 1.10626, 1.10474, 1.10321.
Resistance levels: 1.10950, 1.11084, 1.11237, 1.11389.

Trading recommendations

Short positions can be opened below the level of 1.10779 with the target at around 1.10474 and stop-loss at 1.10889.
Long positions can be opened above the level of 1.10950 with the target at around 1.11084-1.11237 and stop-loss at 1.10854.

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