EUR/USD: technical analysis 25.11.2019
On the 4-hour chart, the instrument shows a negative dynamic. The price has tested the support level of 1.10151 and was slightly corrected upwards, but the downward trend maintains. The breakdown of the level 1.10151.00 will let the price fall to the area of 1.10016-1.09863. The level of 1.098630will is a key mark for the sellers.
The rebound from 1.10168 and pair' sustained above 1.10321 will be a signal for upward correction formation and give a prospect of growth to the 1.10474 level. If the "bulls" manage to raise the rate above the level of this level, the pair will have the potential to further jump to the 1.10626 level. This level is coincided with the middle line Bollinger bands and can activate a downward rebound.
Meanwhile, a decisive break of 1.10626 will be a signal for upward trend resumption.
Technical indicators mostly reflect the maintenance of the current downward trend, but the upward correction is possible in the short term.
Bollinger Bands are diverging on the background of bearish momentum.
MACD volumes are growing in the negative zone.
Stochastic is in the oversold zone and is pointed upwards, reflecting the high possibility of upward movement formation.
Support and resistance
Support levels: 1.10168, 1.10016, 1.09863.
Resistance levels: 1.10321, 1.10474, 1.10626.
Short positions can be opened below the level of 1.10150 with the target at around 1.10016-1.09863 and stop-loss at 1.10245.
Long positions can be opened above the level of 1.10321 with the target at around 10474-1.10626 and stop-loss at 1.10219.