EURUSD Unsure of Its Course After Registering 2021 Lows Under 1.1422

EURUSD Price Analysis – November 15

The EURUSD remains under a lot of pressure but appears to be regaining some ground above the 1.1400 area at the start of the week. In the near term, the extension of the downturn appears to be more likely as the pair stays unsure of its course after registering fresh 2021 lows under 1.1422. ECB’s optimism is insufficient to support the EUR.

Key Levels
Resistance Levels: 1.1602, 1.1525, 1.1450
Support Levels: 1.1400, 1.0879, 1.0635
EURUSD Long term Trend: Bearish
Daily, the EURUSD appears bearish, and consolidation below 1.1422 could set the stage for more losses. Deviation from levels over 1.1500, which marks the upper limit of a broad range, may pick up speed. The 1.1400 level could be approached if the daily exit is below the 5 moving average.

Following the drop, the EURUSD encountered support in the 1.11420 price range, where it reached intraday lows during today’s session (mid-November). If the pair continues to plunge beneath the indicated support zone, it will be exposed to year-over-year lows between 1.0879 and 1.0635 before the year 2021 ends.
EURUSD Short term Trend: Bearish
The EURUSD is still trading in a bearish trend below 1.1450, and intraday sentiment stays below the usual range. The breakout of the 1.1422 level, on the other hand, may validate the scenario in which the reversal from the 1.1692 level will be concluded at the 1.1400 level.

A further loss might lead to a test of 1.0879 and a break of the 2020 lows. A break of the 1.1400 support level and round number, on the other hand, will accelerate the downtrend and lead to another round of drop.

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