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21.11.201809:38 Forex Analysis & Reviews: Technical analysis for EUR/USD for November 21, 2018

Long-term review

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As expected the EUR/USD pair has reversed from 1.1450-1.15 back below 1.14. This is a bearish sign. However short-term trend remains bullish and will only change on a daily close below 1.1350.

Blue line - important support trend line

Black dots - medium strength resistance

Dark blue dots -maximum strength support

EUR/USD tried to break out of the bearish channel yesterday but got rejected and price came back down. Resistance is at 1.1430-1.1450 area and support at 1.1350-1.1330. Breaking below support will increase the chances of success of our bearish longer-term view. As long as price holds above the trend line, bulls remain in control. Next target is at 1.15. If however price breaks below 1.1350-1.1330 support area we should confirm a top is in and we are starting the next leg down.

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