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EUR/USD: TECHNICAL ANALYSIS 12.11.2019

Current trend

EUR/USD quotes attempted to grow, but reaching a 1.10426 mark moved to a downward correction. The instrument has the potential to further correction in the direction of 1.10168 support. One may speak about downward movement continuation after the price consolidates below the support level of 1.10160. In this case, the pair will get the prospect of falling to the level of 1.09863. This level seems a key level for the sellers in a short term period.

Alternative scenario
The pullback above 1.10549 resistance could be a signal for upward correction formation. In this case, the buyers will aim for the 1.10779 resistance zone.

Technical indicators mostly keep a sell signal, but the upward correction is possible in the short term. Bollinger Bands are pointed downwards. MACD volumes are decreasing in the negative zone. Stochastic is pointed downwards, reflecting the high possibility of the downward movement formation.

Support and resistance

Support levels: 1.10168, 1.09863, 1.09558.
Resistance levels: 1.10474, 1.10779, 1.11084.

Trading recommendations

Short positions can be opened below the level of 1.10168 with the target at around 1.09863 and stop-loss 1.10269.
Long positions can be opened above the level of 1.10549 with the target at around 1.10779 and stop-loss 1.10472.

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