Forex Trading: EURUSD Technical Analysis – November 22, 2019
Marking a bullish candle, the EURUSD starts well this morning, increasing the price to more than 1.10000. However, the technical bias might remain bearish because of the higher low was printed during the last upside move.
EUR/USD: Technical Analysis
As of this writing, the EURUSD is being quoted around 1.1063. Moving towards the upside, multiple resistance levels can be seen with the first one coming around 1.1074, the key horizontal resistance ahead of 1.1141, the trend line resistance and then 1.1196, the Fibonacci level which may act as strong hurdles to allow the price to pass through these levels as shown in the graph below.
On the downside, support may be seen around 1.0999, the major horizontal support which may prevent the price falling below the said level. The price may also then be subjected to meet the next support level which stands around and 1.0950, the trend line support and then 1.0879, the low of October 01, 2019 as shown in the graph above.
EUR Gross Domestic Product
From the fundamental point of view, the gross domestic product reported by the Statistisches Bundesamt Deutschland strengthens a percentage of 0.1% to 1% from the last month and also beats the 0.9% consensus estimate.
The positive GDP figure is perceived as a strong indicator of German economic activity and health, which is why the EUR is valued, while a downward trend is regarded as negative (or bearish).
Trading the pair around current levels may not be a wise decision for a short period of time at least.