Technical analysis of EUR/USD for November 13, 2017

Overview:

• The market opened below the first resistance 1 (1.1665). It continued to move downwards from the level of 1.1665 to the bottom around 1.1640. Today, the first resistance level is seen at 1.1665 followed by 1.1737, while daily support 1 is seen at 1.1535. The EUR/USD pair broke support which turned into strong resistance at 1.1665. Today, the pair is trading below this level. It is likely to trade in a lower range as long as it remains below the support (1.1665) which is expected to act as minor resistance today. This would suggest a bearish market because the moving average (100) is still in a negative area and does not show any signs of a trend reversal at the moment. Amid the previous events, the EUR/USD pair is still moving between the levels of 1.1665 and 1.1535, so we expect a range of 130 pips in coming days. Therefore, the major resistance can be found at 1.1665 providing a clear signal to sell with a target seen at 1.1665. If the trend breaks the minor support at 1.1609, the pair will move downwards continuing the bearish trend development to the level of 1.1553 in order to test the double bottom. Overall, we still prefer the bearish scenario which suggests that the pair will stay below the zone of 1.1665 today.

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Source:: Technical analysis of EUR/USD for November 13, 2017