EURUSD Likely to Hold on to Its Support as Bearish Momentum Faints Slightly

EURUSD Price Analysis – November 11

In the European session, at GMT10:00 hrs, the pair is trading at 1.1032, with the EUR trading 0.13% higher against the USD from Friday’s close. And for the 24 hours to 23:00 GMT, the EUR plunged approximately 0.28% against the USD and closed at 1.1019 on Friday, amid the eurozone ongoing political uncertainty.

Key Levels

Resistance Levels: 1.1450, 1.1280, 1.1178

Support Levels: 1.0000, 1.0962, 1.0879

EURUSD Long term Trend: Bearish

The common European currency is expected to hold at support on the level at 1.1016, and a fall through could take it to the next support level of 1.1000. The pair is expected to find its first resistance on the level at 1.1055, and a rise through could take it to the next resistance level of 1.1073.

In the long term picture, the initial rebound from the level at 1.0879 is viewed as a corrective scenario. However, in the event of another advance, upside may be restricted by a retracement of the level at 1.1280 to 1.0879 at 1.1450. Although, a sustained break of the level at 1.1450 may alter this bearish pattern and bring more advancement of the correction.

EURUSD Short term Trend: Bearish

EURUSD intraday bias stays lightly on the downside in the present while it stays on its medium-term support on the level at 1.1016. A corrective rebound from the level at 1.0879 is expected to be over on the level at 1.1178 as of now. A further plunging may be seen to retest the level at 1.0879 low.

Meanwhile a break there may resume a larger downtrend from the level at 1.1178. Above its near term resistance on the level at 1.1092 may alter its intraday bias neutrality hence, the FX pair displays weakness in the short-term (as per its long term downtrend).

Instrument: EURUSD
Order: Sell
Entry price: 1.1055
Stop: 1.1092
Target: 1.0879

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