EURUSD technical daily analysis by GetKnowTrading

Fg43085

Newbie
5 1
The pair ended the week in the middle area between two strong resistance levels. On the upper side we have $1.17000 and on the bottom side we have $1.16178.

Well, as it now looks like the market is heading down and the first support that is ahead is $1.16178 which stopped the price last time. That stop was a month ago, on October 25.

The first support $1.16178 likely will not hold the price so the next support is at $1.15462 which is a confluence of support levels.
 

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Fg43085

Newbie
5 1
In the previous analysis I have pointed that the price could reach $1.16178 level and then make a pullback to $1.16700 – $1.17000 area.

The price did just that and reached uptrend channel support level which is a confluence of horizontal resistance and uptrend support line. From there the price returned back to $1.16178, but since then the price changed from the bearish into the bullish sentiment.

When the price reaches $1.19000 – $1.19300 level we could see the price making a pullback back to $1.18200 before moving further up. The $1.18200 is an uptrend channel support area which will stop the price from falling down to $1.17000.
 

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Fg43085

Newbie
5 1
In the previous analysis I have pointed out that the two things can happen.

the pair could reach $1.19000
and then make a pullback to $1.18200

Both points were realized last week in just one day, on Monday.

Since the price broke below the uptrend channel support line and it bounced back to the same level I am now open to sit and wait.
EURUSD Daily Forecast 14_11_2020.png
 

Fg43085

Newbie
5 1
In the analysis from the last week I said that the market does not look too bullish that would move the price easily up to $1.19000. The market overview shows just that.

The pip range this week was 80 pips and it means that the price was in the indecision area. The middle of the range area between $1.17000 and $1.19000 is still holding the price from large movements.

I am expecting the price will try to break above $1.19000, but before doing that it could make a pullback to the area between $1.18150 – $1.18200 which is the current support that held the price two times this week.
EURUSD Daily Forecast 21_11_2020.png
 

Fg43085

Newbie
5 1
The market week behind us has done a huge move forward. The price has done two things I have mentioned in the previous week forecast.

The price:

Made a pullback to $1.18150 – $1.18200 area
Bounced back above $1.19000

New highs for EURUSD are in this order.
First high is around $1.20800 where the price will probably stop and make a pullback. This level acted in the past as a strong resistance.

On the chart it is visible that the uptrend channel resistance line is making a confluence of resistance at that area together with the horizontal resistance line.
EURUSD Daily Forecast 28_11_2020.png
 
 
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