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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.
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
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