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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