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EUR/USD, Tuesday forecast, November 19

Anton Kolhanov

Forecast and technical analysis

Uptrend
The uptrend may be expected to continue, while the pair is trading above the support level of 1.1062, which will be followed by reaching resistance level at 1.1089 and 1.1128.

Downtrend
An downtrend will start as soon, as the pair drops below support level 1.1053, which will be followed by moving down to support level 1.1029 – 1.1017.

Weekly forecast: November 18 – 22

We are not expected to have important news before Wendsday, so this could be the reason for the correction in the markets . The EURUSD had a good correction previous week at the key resistance of 1.1072, a US neggative economic signal will start pushing the market down back to 1.1017 key support.

Most important news of this week
Wednesday: FOMC Meeting Minutes
Friday: EU and US PMI’s

Forecast and technical analysis

Downtrend
The downtrend may be expected to continue, while the pair is trading below resistance level 1.1072, which will be followed by reaching support level 1.1017 – 1.1006.

Uptrend
An uptrend will start as soon, as the pair rises above resistance level 1.1072, which will be followed by moving up to resistance level 1.1170.

Monthly forecast, November – December

Downtrend
The downtrend may be expected to continue, while the pair is trading below resistance level 1.1200, which will be followed by reaching support level 1.1072 and if it keeps on moving down below that level, we may expect the pair to reach support level at 1.0940, in other case, the market can have a correction back to resistance 1.1200.

Uptrend
The uptrend may be expected to continue in case the market rises above resistance level of 1.1200, which will be followed by reaching resistance level 1.1370.

The article was written by Anton Kolhanov

This article was originally posted on FX Empire

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