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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