EURUSD Price Analysis – November 18
The bulls had full control today, moving the market up during the entire European session as the FX pair confirmed its breakout past the high of the prior session after trading up to 1.1068 above during the day.
Resistance Levels: 1.1501, 1.1412, 1.1278
Support Levels: 1.0989, 1.0879, 1.0780
EURUSD Long term Trend: Bearish
EURUSD at the moment, the rebound from the 1.0879 level is initially seen as a remedy and, in the case of a further increase, the increase may be contained by the level at 1.1412 retracements from the level at 1.0879.
Although the downward trend from the 1.1501 (high) level may resume later. However, the sustained plunge from the 1.1412 level may change this bearish position and lead to a greater increase in the retracement to the level at 1.1501.
EURUSD Short term Trend: Ranging
The EURUSD intraday bias stays neutral for the initial position and a further plunge is anticipated as long as the resistance remains at the level at 1.1073. Also, the corrective rebound from the level at 1.0879 is expected to end at 1.1501.
Meanwhile, past the low of the level at 1.0989, the bias will be revised downward to repeat the low of the level at 1.0879. However, the breakout of the level at 1.1073 may soften this bearish trend and push up the bias for the level at 1.1175.
Entry price: 1.1073
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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.