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EUR/USD: technical analysis 20.11.2019

Current trend

The EURUSD pair begins today’s trading with a slight bearish bias. The instrument has the potential to further decline to the first support level 1.10626. As we can see, this level can activate an upward rebound. However, the breakdown of this level and pair’s sustained trading below it will be a signal for downward correction resumption and let the price fall to the area of 1.10474 support. This level will be a key level for the sellers.

Alternative scenario

The rebound from 1.10626 and consolidation of the price above 1.10715 resistance will give the prospect of growth to the level of 1.10931. Further close above this level may push EUR/USD even higher towards the 1.11084 resistance.

Technical indicators reflect the moderate maintenance of the current downward trend.
MACD volumes are slowly decreasing in the positive zone.
Stochastic is pointed downwards, reflecting the high possibility of the downward movement formation.
Bollinger Bands are pointed sideways.

Support and resistance

Support levels: 1.10626, 1.10474, 1.10321, 1.10168.
Resistance levels: 1.10779, 1.10931, 1.11084, 1.11237.

Trading recommendations

Short positions can be opened below the level of 1.10626 with the target at around 1.10474-1.10321 and stop-loss at 1.10726.
Long positions can be opened above the level of 1.10715 with the target at around 1.10931 and stop-loss at 1.40643.

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