Forex Trading: EURUSD Technical Analysis – November 19, 2019

The Euro (EUR) continues increasing against the US Dollar. Its been then the third day now that the Euro inched higher with a price tag of more than 1.1000. The technical bias also seems to remain bullish since during the last upside move a higher high was printed.

EUR/USD: Technical Analysis

At the time of writing this piece. the Euro is being exchanged around 1.1074 with near about more than three resistance levels ahead. At first, the price may hit a resistance level around 1.1145, the confluence of a trend line resistance and a major horizontal level which may prove to be a strong hurdle to pass-through. Then comes a trend line resistance around 1.1169, ahead of 1.1208, the 61.8% Fib level which may force the price to stay below the said levels.

EURUSD

Coming towards the downside, a confluence of a trend line and a horizontal support level stands around 1.1004 to support the price preventing it from decreasing below this level. The price may also come across another support level around 1.0800, which is known as the psychological number and then 1.0879 the low of October 01, 2019 as shown in the graph above.

Euro GDP Economic Release

Talking through a fundamental point of view, the figure for the GDP remained 1.1% this month, as compared to 1.1% during the previous month. It, however, did not meet the economist expectation which was 2.04%. The Eurostat release stats with respect to the GDP which is a proportion of the all-out estimation done after considering the benefits delivered by companies be it a private or government sector in the Eurozone. The GDP is considered as a wide proportion of the Eurozone financial movement and wellbeing. Typically, a rising pattern positively affects the EUR, while a falling pattern is viewed as negative (or bearish).

Trade Idea

Considering the price pattern over the past couple of days, trading EURUSD around current levels may prove to be a worthwhile decision.  

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