EURUSD Forecast And Technical Overview Nov 21st
- Trade War Concerns And Higher Interest Rates Dominate Market Sentiment.
- The initial catalyst of EUR’s weakness was a new bout of tensions between the EU Commission and Italy over the 2019 budget. Italy refuses to reduce the planned deficit of 2.4% in its budget.Italy-German yield differential hits 5.5-year high.
- US Housing starts rose by 1.5% in October.
- US Home Sales, Core Durable Goods and Unemployement data will be in focus today.
Our shorter term trade based on Bearish Alt Bat Pattern hit all the targets.
The pair is making lower highs as seen on the H4 Chart. After testing MM 8/8 at 1.14700 – most probably the short covering orders sent the pair to test 1.14700 – the decline started. The dramatic decline ended at 1.13560 where Ichimoku Cloud played a good support role for the pair. – Senkou Span B was located at 1.13560 –
The pair need some strong catalysts to break above 1.15100. The bearish pressure will continue as long as it holds below 1.15100.
The pair is trading at 1.13810 – a mild recovery of 30 pips – Above the current level, 1.14100 is the key resistance. A firm breakout would lead the price towards 1.14440 .
We need to see the pair break below 1.13500. 1.13220 and 1.12910 will be next levels of the ptential bearish move.
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