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.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.