EURUSD Declines Sharply to 1.1800 Level Amid US Dollar Surge on Economic Recovery

EURUSD Declines Sharply to 1.1800 Level Amid US Dollar Surge on Economic Recovery

EURUSD Price Analysis – November 23

The EURUSD declines sharply from the 1.1900 area to the 1.1800 level, hitting the lowest level in two weeks. As of writing, it trades at 1.1815, 40 pips lower than the prior week’s close. The US dollar surge across the board after US data indicates economic recovery.

Key Levels
Resistance Levels: 1.2011, 1.1917, 1.1880,
Support Levels: 1.1807, 1.1760, 1.1612
EURUSD Long-term Trend: Ranging
In terms of daily time frame, EURUSD looks vulnerable and consolidation beneath 1.1800 could create a scenario for further declines. Deviation from levels above 1.1900, the upper border of a wide range, may accelerate. The daily exit beneath the 13 moving average could approach the 1.1700 level.

Following the fall, EURUSD faced relative resistance in the 1.1880 price zone, where it set intraday highs around mid-November. Further advance beyond the mentioned resistance area exposes the pair to year-on-year highs from 1.1900 to 1.2011 high.
EURUSD Short term Trend: Ranging
EURUSD is still in a range beneath the 1.1917 level and intraday sentiment stays within the range of known levels. On the other hand, the breakout of the 1.1917 level may confirm the scenario according to which the consolidation from the 1.2011 level ended at the 1.1612 level.

The further advance may be on the way to retest 1.1917 and beyond the 1.2011 high. However, a breakout of the 1.1807 support level will reverse the downtrend to continue consolidation with another cycle of decline.

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EURUSD unable to break above 1.19

EURUSD unable to break above 1.19

The EURUSD has rejected the 1.1900-1.1920 zone at least 4 times in the past 2 months giving us the opportunity to sell at the top of the range whilst the DXY is bottoming around the 92.20 mark.

We are not forecasting a strong US Dollar in the  immediate future, but technically speaking we’re seeing an exhaustion of the bearish pressure we’ve had since March-April.

 

The last time the Euro traded at these levels against the US Dollar was back in May 2018 when the EURO started its downfall of -15% against the USD going from the highs around 1.26 in January 2018 to the lows around 1.06 in March 2020.

This is a big zone and it weighs heavy on the EURO. We anticipate  a dip to at least the bottom of the range. This move would be triggered by a USD recovery rally to previous lows.

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EURUSD Tests Low Level at 1.1816 Level As Dollar Gains Ground on Lockdown Fears

EURUSD Tests Low Level at 1.1816 Level As Dollar Gains Ground on Lockdown Fears

EURUSD Price Analysis – November 19

Following upside rejections, EURUSD broke under and tests the low level at 1.1816 level creating a fresh buying opportunity at 1.1800 to 1.1816 range. The unremitting advance of the pandemic and its impact on the growth prospects of the euro area boost dollar gains on lockdown fears.

Key Levels
Resistance Levels: 1.2011, 1.1917, 1.1880,
Support Levels: 1.1807, 1.1760, 1.1612
EURUSD Long term Trend: Ranging
As the EURUSD breaks down beneath the MA 5 at 1.1838 level confirms a possible bearish decline to the mid 1.1800 level. However, a bounce from this zone may usher in the retest of the 1.1900 area. A bullish breakout above the resistance at the 1.1838 level could indicate a surprise return of an immediate upside.

In the larger context, an increase from the 1.0635 level is seen as the third phase of the trend from the 1.0339 (low) level. A sustained rally could be seen to cluster resistance at 1.2011 level next. This will remain the favored case as long as the 1.1422 resistance level turned support holds.
EURUSD Short term Trend: Ranging
Following the rejection from the 1.1917 regions, the corrective downside in EURUSD could extend initially to last week’s lows in the 1.1760 regions ahead of the contention area near the 1.1685 level.
Intraday bias in EURUSD stays in a range as consolidation from the 1.1917 level is still in progress.

On the upside, the breach of 1.1917 level may validate the scenario that consolidation from 1.2011 level has finished at 1.1612 level. A further increase would be seen to retest 1.2011 high level. Meanwhile, a breach of the 1.1725 support level may shift bias to the downside to extend the range with another declining phase.

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EURUSD Upside Move Stays Unabated Beyond 1.1800 Level As Markets Await Further Vaccine News

EURUSD Upside Move Stays Unabated Beyond 1.1800 Level As Markets Await Further Vaccine News

EURUSD Price Analysis – November 16

The market soared on COVID-19 vaccine news in the prior week as EURUSD posts fresh gains and risk-on weighs over the safe-haven greenback early on in the day. EURUSD trades in green in the 1.1850 neighborhood with its upside move staying unabated beyond the 1.1800 level as markets await further vaccine news.

Key Levels
Resistance Levels: 1.2011, 1.1917, 1.1880,
Support Levels: 1.1807, 1.1760, 1.1612
EURUSD Long-term Trend: Ranging
The currency pair has solid resistance at 1.1880, which was the swing high in late October. This is followed by the 1.1917 zones, a psychologically significant level, as well as a peak, which was noted several times in recent months. The next limitation is level 1.2011.

Support is expected at 1.1807, which was a temporary high last week. Further down, levels 1.1760 and 1.1725 were cushioned last week and may come into play if the pair loses ground. Further, a rally towards the cluster resistance at 1.2011 is anticipated. This may stay as the preferred option as long as the 1.1422 resistance turned into support is held.
EURUSD Short term Trend: Ranging
EURUSD intraday bias stays neutral for now. On the other hand, the breakout of the 1.1917 level will confirm the scenario, according to which the consolidation from the 1.2011 level ended at the 1.1612 level. Further growth would mean a retest of the 1.2011 high.

However, a breach of the 1.1760 support level could turn intraday sentiment downward to continue consolidation with a new phase of decline. To summarize, we can say that in the short term neutral bullish sentiment will prevail for the pair if the pair stays beyond the moving average of 13 and the adjacent low of 1.1760.

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EURUSD Upside Consolidation Continues As Bears and Bulls Stay on the Sideline at the 1.1800 Mark

EURUSD Upside Consolidation Continues As Bears and Bulls Stay on the Sideline at the 1.1800 Mark

EURUSD Price Analysis – November 13

The EURUSD edged higher in the prior session as bears and bulls stay on the sideline at the 1.1800 marks. The dollar, however, recovered some ground ahead of the close. The number of newly reported coronavirus cases is growing exponentially, and the health systems are stressed in Europe.

Key Levels
Resistance Levels: 1.2011, 1.1917, 1.1838,
Support Levels: 1.1760, 1.1612, 1.1495
EURUSD Long-term Trend: Ranging
EURUSD rallied to a daily high of 1.1823 during Thursday’s American session but lost momentum as risk aversion supported the dollar. At the time of writing, EURUSD is trading at 1.1805, still 0.2% higher on the day.

In a broader context, the increase from 1.0635 is seen as the third trend cycle from the 1.0339 (low) level. At the next level at 1.2011, a further rally towards cluster resistance can be seen. This may stay as the preferred scenario as long as the 1.1422 resistance altered into support stays intact.
EURUSD Short term Trend: Ranging
EURUSD is currently limited by consolidation from the 1.2011 high. A cycle of steeper declines may be seen towards the 1.1612 support level. Meanwhile, on the other hand, a breach of the 1.1917 level could restart gains from the 1.1612 level to the 1.2011 resistance level. In general, sideways trading may continue in the short term.

Meanwhile, it looks like a breakout could come up as this is the prevailing trend at the moment. If that happens, the next target for the bulls could be at 1.22. Alternatively, in a bearish breakout, the next target could be 1.1495, where the June highs remain.

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EURUSD Retreats and Stays Beneath 1.1900 Level Despite Upbeat Eurozone Sentix Data

EURUSD Retreats and Stays Beneath 1.1900 Level Despite Upbeat Eurozone Sentix Data

EURUSD Price Analysis – November 9

EURUSD is off the highs as the pair retreats and stays beneath the 1.1900 level. The upbeat Eurozone Sentix data offered some temporary boost to the bulls but not enough to take out the 1.1900 resistance. Markets are eyeing further responses and coronavirus headlines.

Key Levels
Resistance Levels: 1.2011, 1.1917, 1.1880
Support Levels: 1.1838, 1.1760, 1.1612
EURUSD Long-term Trend: Ranging
EURUSD tried to move towards the horizontal resistance line at 1.1917, which was also undertaken at the end of October and may be struggling to get it back. The Relative Strength Index remains above its midlines, indicating that overbought conditions have not yet been recorded on the daily chart.

Immediate resistance is expected around 1.1900, which also peaked in September. This is followed by the level of 1.1917, another peak of the same period, and then the level of 1.1965. Some support is expected at 1.1838. It is followed by the 1.1807 level, last week’s high, and then the 1.1760 level.
EURUSD Short-term Trend: Bullish
The intraday sentiment of EURUSD remains positive for now. The present circumstance suggests that the sideways trading from the level of 1.2011 ended at the level of 1.1612. Further rallies are anticipated to initially retest the 1.2011 level.

Its breakout may restart the general bounce from the 1.0635 level. On the other hand, a breach of the minor support level at 1.1760 may change the forecasts and make a neutral intraday bias first. This may remain the preferred scenario as long as the 1.1422 resistance turns into support.

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EURUSD Spikes Past 1.1800 Level Amid Optimism on US Election Result

EURUSD Spikes Past 1.1800 Level Amid Optimism on US Election Result

EURUSD Price Analysis – November 5

The buying bias remains on the EURUSD as it spikes for yet another session lifting the pair to a new weekly high past the 1.1800 level. Amid optimism on the markets, buyers cheer the prospects of a decisive result in the US elections.

Key levels
Resistance Levels: 1.2011, 1.1917, 1.1808
Support Levels: 1.1760, 1.1612, 1.1495
EURUSD Long-term Trend: Bullish
As seen in the daily chart, given the lack of RSI oversold conditions, coupled with the pair’s failure to break through key upside barriers at 1.1838, sellers are likely to regain control, targeting 1.1760 as immediate support.

More broadly, the rise from 1.0635 is seen as the third cycle of the trend from 1.0339 (low). Hence, a further rally towards the cluster resistance at 1.2011 is anticipated. This may stay the preferred option as long as the 1.1422 resistance turned into support is held.
EURUSD Short-term Trend: Bullish
EURUSD intraday bias altered bullish with the current rebound. Another decline may stay moderately favorable with the 1.1880 resistance level remaining. The breakdown of the 1.1612 level will restart the corrective decline from the 1.2011 level.

The next goal is a 38.2% recovery from 1.0635 to 1.2011 at 1.1495 levels. On the other hand, the breakout of the 1.1880 level will be the first sign that the correction from the 1.2011 level has ended. The intraday bias once again will try to climb to 1.1880 for validation.

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EURUSD Trades Under Pressure Towards 1.1685 Level Amid ECB Induced Decline

EURUSD Trades Under Pressure Towards 1.1685 Level Amid ECB Induced Decline

EURUSD Price Analysis – October 29

The single currency EURO came under pressure towards the 1.1685 level on a fresh wave of risk aversion. EURUSD sheds ground for the fourth consecutive session and managed to stabilize above the 1.1695 level after falling on Thursday amid the ECB monetary policy meeting.

Key levels
Resistance Levels: 1.2011, 1.1917, 1.1807
Support Levels: 1.1685, 1.1612, 1.1495
EURUSD Long-term Trend: Ranging
EURUSD is losing momentum and retesting the 1.1700 area against the US dollar. Some downside potential may likely prevail in the market, as the exchange rate is under pressure from moving averages 5 and 13 below the ascending trendline support at 1.1725.

In this case, the rate may reach the psychological level of 1.1685.
On the other hand, any meaningful retracement attempt is likely to face tough resistance near the 5 and 13 moving averages in the 1.1790 regions. Some subsequent buys above 1.1807 will negate any short-term bearish trend and bring the pair back to the highs around the 1.1870-1.1917 supply zone.

EURUSD Short-term Trend: Bearish
EURUSD is still holding above the 1.1685 support level after the previous day’s decline. Intraday bias remains neutral for now. However, on the other hand, a solid breakout of the 1.1685 support level should resume the corrective pattern from the 1.2011 level with a new cycle.

The intraday shift will be turned down towards the support level 1.1612. A break would target the 38.2% retracement from 1.0635 to 1.2011 at 1.1495 levels. However, if it rallies above 1.1917, the pair will pull back from 1.1612 to retest the 1.2011 high.

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EURUSD Risks Deeper Decline at 1.1800 Level on Surge in Europe COVID-19 Cases

EURUSD Risks Deeper Decline at 1.1800 Level on Surge in Europe COVID-19 Cases

EURUSD Price Analysis – October 26

Growing fears of a surge in Europe Covid-19 cases may slowdown economic recovery as new infections trigger stricter measures and prompt investors into safety. EURUSD risks a deeper decline at the 1.1800 level as buyers repeatedly failed to make a sustained break above the daily cloud top around the 1.1850 level.

Key Levels
Resistance Levels: 1.2150, 1.2011, 1.1917
Support Levels: 1.1807, 1.1612, 1.1422
EURUSD Long-term Trend: Ranging
EURUSD is under pressure, trading near the 1.1810 level, and is in danger of further falling. The EURUSD rally appears to have hit a decent barrier at recent highs around 1.1880. A break of this area is expected to push the pair higher towards the 1.1917 area as the bullish trend is expected to resume at the key level.

In a broader context, the rise from 1.0635 is seen as the third phase of the pattern from 1.0339 (low). A further rally towards the cluster resistance at 1.2011 can be seen. This will remain a preferable case as long as the resistance at 1.1422 is held and turned into support.
EURUSD Short-term Trend: Ranging
EURUSD intraday trend stays neutral as consolidation from 1.1880 regions continues. Nevertheless, further growth stays in favor while maintaining the support level of 1.1685. The break into 1.1880 regions will be a test at the 1.2011 high. The 4 hours chart shows that the pair is developing below the moderately bearish 5 and 13 moving averages.

A move below 1.1800 is needed to mark an immediate (minor) high for a pullback to the bottom of the short-term channel seen at 1.1725. On the other hand, a breakout of 1.1685 is likely to extend the corrective pattern from 1.2011 by one more phase. Intraday bias will return to the downside towards 1.1612 and below.

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EURUSD Correction Sets in Towards 1.1807 Support Region After Exiting Overbought Conditions

EURUSD Correction Sets in Towards 1.1807 Support Region After Exiting Overbought Conditions

EURUSD Price Analysis – October 22

The EURUSD pair exited overbought conditions and is ready to rally while correction sets in towards the 1.1807 regions. EURUSD has been keeping onto earnings arising from stimulus anticipation but foreign meddling in the US elections and increasing COVID-19 incidents may confine any earning.

Key Levels
Resistance Levels: 1.2150, 1.2011, 1.1917
Support Levels: 1.1807, 1.1612, 1.1422
EURUSD Long-term Trend: Ranging
The corrective downturn carries the potential for expansion to the 13 moving average, which is today at 1.1766, which is expected to initially contain the bearish move. In the broader scenario, the bullish outlook on EURUSD is expected to remain unchanged as long as the pair trades above the critical support of the ascending trend line, today at 1.1725.

In a broader context, the rise from 1.0635 is seen as the third phase of the trend from 1.0339 (low). Further, we should expect further growth to the cluster resistance at 1.2011. This will remain a preferable case as long as the 1.1422 resistance turned into support is held. Another visit to the 2020 high beyond the critical level of 1.20 is not welcome shortly.
EURUSD Short term Trend: Ranging
The intraday slope of EURUSD remains downward for now. Although the rebound from 1.1612 is still ongoing to retest the 1.2011 high. However, a strong break there will resume a stronger rally from the 1.0635 level. On the other hand, below 1.1807, minor support will initially make a neutral intraday bias.

The Relative Strength Index on the 4-hour chart fell below 70 values, emerging from an overbought condition. Key support is at 1.1760 low, followed by 1.1725, a step on the way up. The next levels to pay attention to are 1.1685 and 1.1612. Reaction along the support for the breakout will determine whether the move can be trusted.

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