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EURUSD Forecast And Technical Overview Nov 21st

EURUSD Forecast And Technical Overview Nov 21st

Fundamentals:

  • 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.

Technically:

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.

Intraday Levels.

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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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money

EURUSD Forecast:   Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

 

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