Forex Trading: EURUSD Technical Analysis- November 12, 2019
The Euro (EUR) inched lower against the US Dollar (USD) on Tuesday, this caused a decrease in the price of EURUSD, bringing it less than 1.1000. The price of the pair decreased after major economic news released. Considering the price movement of the pair over the past few days, it’s predicted that the technical bias may turn bullish on the grounds that the pair’s value denoted a lower high in the recent downside move.
EUR/USD Technical Analysis
Currently, the pair is being traded around 1.1016, The support can be seen around 1.1099, the 61.8% Fib Level, ahead of 1.1000, the psychological number and then the significant horizontal support of 1.0878, which probably prevents the price from decreasing further as appeared in the given below chart.
A resistance that may keep the price from moving above this level can be seen around 1.1082, 32.8% Fib level ahead of 1.1172, trendline resistance and afterward come 1.1208, the major horizontal resistance as shown in the given above chart. The technical bias may remain bearish as long as 1.1082, the resistance level remains unchanged.
EUR Industrial Production
From the fundamental point of view, the figure concerning the Industrial Production has badly fallen to -0.6% in the month, as compared to the month before a figure of 0.4% but up beating the economist expectation which was -0.4. The information is sourced from the news released by Statistisches Bundesamt Deutschland.
The Industrial Production measures the production of German factories and mines. Changes in industrial production are widely followed in the manufacturing sector as a major indicator of growth. A high reading is perceived as positive (or bullish) for the EUR, whereas a low reading is perceived as negative (or bearish).
Given the pair’s overall price activity over the past few days, purchasing EURUSD around current levels can be a good short to medium term decision. It is to be noted that trading through our recommended brokers offering high leverage, competitive margins can really make the difference.