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17.11.202010:04 Forex Analysis & Reviews: Technical recommendations for EUR/USD and GBP/USD on November 17

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EUR / USD

Exchange Rates 17.11.2020 analysis

Yesterday's situation has changed insignificantly, but the main conclusions and expectations mentioned earlier remain valid. The bulls' interest rests against the resistance level of 1.1881 - 1.1929 (historical level + 100% target development for the breakdown of the H4 cloud). A consolidation above and holding positions will allow considering new perspectives. However, the situation will begin to change in favor of the bears with the loss of supports at 1.1812 (upper limit of the daily cloud + daily Tenkan) and 1.1761 (lower limit of the daily cloud + daily Kijun + weekly Tenkan).

Exchange Rates 17.11.2020 analysis

Bulls' movement has made no progress recently, but they still retain key supports which are now found at 1.1845 (central pivot level) and 1.1816 (weekly long-term trend). In addition, the analyzed technical indicators support bullish moods. Here, the upward pivot points within the day are the resistance levels of 1.1875 - 1.1900 - 1.1930. If the range of 1.1845-16 breaks down, it will change the current balance of power to H1 in favor of the bears. In this case, 1.1790 (S2) - 1.1765 (S3) will act as support levels. The main task will be to update the low of 1.1746 and consolidate below.

GBP / USD

Exchange Rates 17.11.2020 analysis

An important all-time level of 1.32 has an attraction zone. Due to this, the pair cannot leave the influence zone. A secure hold above increases the chances of bulls to continue climbing. In this case, the benchmark will be the level of 1.3350 (the lower limit of the monthly cloud) and 1.3481 (high extreme). The inability to overcome the level and working under it helps to preserve the prerequisites for confirmation and development of the rebound. The nearest downside pivot points can be noted at 1.3120-40 (daily levels), 1.3077 (daily Kijun + Senkou span b), and 1.2975-90 (weekly levels) today.

Exchange Rates 17.11.2020 analysis

The level of 1.32 is also relevant in the smaller time frames. Given the strength and value of the level, it can be noted that the range of movement around it, without achieving a clear advantage, can be quite wide. The resistances of classic pivot levels today are located at 1.3233 - 1.3275 - 1.3309, while support levels are located at 1.3157 - 1.3123 - 1.3081.

Ichimoku Kinko Hyo (9.26.52), Pivot Points (classical), Moving Average (120)

Evangelos Poulakis
Analytical expert of InstaForex
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