EUR/USD: technical analysis 15.11.2019

Current trend

On a 4-hour chart, EUR/USD is trading above its middle line of Bollinger bands suggesting bullish momentum. If the current trend maintains, the next targets of buyers will be the levels of 1.10350, 1.10474. This area probably will be a strong resistance zone, which can activate a downward rebound. However, the decisive break of 1.10474 and the pair’s sustained trading above the 1.10549 level will indicate the uptrend resumption and let the price grow to the level of 1.10779.

Alternative scenario

The pullback below 1.10126 ( middle line of Bollinger bands) will be a signal for a downward correction. In this case, the bearish movement restoration and retest of the support level 1.09863 are possible. This level seems at a key level for the sellers. There is a chance of an upward rebound, while its breakdown would allow the fall to continue to the area of 1.09558.

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 1.10126 with the target at around 1.09863 and stop-loss at 1.10213.
Long positions can be opened above the level of 1.10474 with the target at around 1.10779 and stop-loss at 1.10374.

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