19.11.201908:14 Forex Analysis & Reviews: Hot forecast for EUR / USD on 11/19/2019 and trading recommendation

Volatility is close to the average and the resistance level is hanging above the quote. The question is whether the sellers will be able to return to the market or will the control level still fall?

We saw a round of long positions once again where the US dollar disappointingly loses its previously won coordinates, rising up to the previously passed control level of 1.1080. The most remarkable point is that in terms of macroeconomic reporting, we had an absolutely empty economic calendar, where only interesting data on treasury bills were published for Europe and the United States.

What is the reason for such a lively bullish interest? - The answer lies in everyone's favorite and not forgotten Brexit.

So, during the pre-election race to the British Parliament, Prime Minister Boris Johnson said that 635 candidates from the Conservative Party participating in these elections are ready to support the deal to exit the country from the EU, if they are elected. That is, if the conservatives win, the probability of exit is truly great and against such a background, the pound sterling, and after it the single currency tends to local growth.

Today, in terms of macroeconomic reporting, we have data on Europe regarding production volumes in the construction sector, where they expect acceleration from 1.2% to 2.7%. In the afternoon, data on the construction sector in the United States will be released, where the number of issued building permits is reduced from 1.391M to 1.385M, and the volume of construction of new houses, on the contrary, is growing from 1.256M to 1.320M.

EU 10:00 Universal time. - Volume of production in the construction sector, September: Prev. 1.2% ----> Prog. 2.7%

USA 13:30 Universal time. - Number of building permits issued, October: Prev 1,391M ----> Prog. 1,385M

USA 13:30 Universal time. - Volume of construction of new houses, October: Prev. 1,256M ----> Prog. 1,320M

In terms of technical analysis, the EUR/USD currency pair has a completed cycle of return from the psychological level of 1.1000 to the previously passed range level of 1.1080. Therefore, the recovery process, with respect to an elongated correction, was at risk of a fracture, in view of the return to the same accumulation point of 1.1080, which for a rather long time restrained the interest of the market and was part of the variable flat 1.1080 / 1.1180. In fact, we are now at the level of two trading forces "Bullish" and "Bearish" at once, since depending on the subsequent "Rebound/Breakdown" move, the long-term existence of the existing recovery beat will depend.

In terms of a general review of the trading chart, things are not so bad, since in global terms, the trend as it was downward, it remains so, and the current fluctuation is after all, but an oblong correction structure that still takes place in the market.

It is likely to assume that the oscillation along the control level 1.1080 still persists for some time with variable boundaries of 1.1060 / 1.1100, where the tactics of work will be according to the method of price fixing points relative to the given frames.

Concretizing all of the above into trading signals:

- We consider long positions in case of price fixing higher than 1.1100.

- We consider short positions in the case of working out the level of 1.1080, and fixing the price in the region of 1.1055 / 1.1060.

From the point of view of a comprehensive indicator analysis, we see that the indicators of technical instruments relative to all the main time periods signal an upward interest. It is worth considering that at the stage of oscillation along the range level of 1.1080, indicators at shorter time periods can alternately jump without giving a clear signal.