You are here: Home > articles > Forex > Intraday technical levels and trading recommendations for EUR/USD for November 21, 2017
Intraday technical levels and trading recommendations for EUR/USD for November 21, 2017
November 21, 2017 7:23 amVideo
Latest News
- Analysis of GBP/USD on April 25th. The dollar suffered a local defeat to win the war April 25, 2024
- USD/JPY: Simple trading tips for novice traders on April 25th (US session) April 25, 2024
- GBP/USD: Simple trading tips for novice traders on April 25th (US session) April 25, 2024
- EUR/USD: Simple trading tips for novice traders on April 25th (US session) April 25, 2024
- GBP/USD: trading plan for the US session on April 25th (analysis of morning deals). The pound continued its recovery April 25, 2024
- EUR/USD: trading plan for the US session on April 25th (analysis of morning deals). The dollar is ready for GDP data April 25, 2024
- Euro turns to GDP and inflation data for a lifeline – Preview April 25, 2024
- Technical Analysis – BTCUSD retreats after unsuccessful test of 50-SMA April 25, 2024
- Technical Analysis – NZDUSD advances after bounce off 5-month low April 25, 2024
- Midweek Technical Look – GBPUSD, EURJPY, Gold April 25, 2024
- Amazon earnings set for AI-driven cloud and ads boost – Stock Markets April 25, 2024
- EUR/USD. April 25th. Bulls continue to advance and expect a weak US GDP report April 25, 2024
- GBP/USD. April 25th. Bulls take advantage of weak US statistics April 25, 2024
- Overview of the GBP/USD pair on April 25, 2024 April 25, 2024
- Overview of the EUR/USD pair on April 25th. The dollar may start to get cheaper at the end of the year, after the arrival April 25, 2024
- Technical Analysis – EURUSD creates bullish channel in near term April 25, 2024
- Forex forecast 04/25/2024: EUR/USD, USDX, Gold and Bitcoin from Sebastian Seliga April 25, 2024
- Market Comment – Yen tumbles to fresh lows, dollar awaits GDP April 25, 2024
- Technical Analysis – USDJPY advances to fresh 34-year high April 25, 2024
- Technical Analysis – US 100 index weakness lingers April 25, 2024
Monthly Outlook
In January 2015, the EUR/USD pair moved below the major demand levels near 1.2050-1.2100 (multiple previous bottoms set in July 2012 and June 2010). Hence, a long-term bearish target was projected toward 0.9450.
In March 2015, EUR/USD bears challenged the monthly demand level around 1.0500, which had been previously reached in August 1997.
In the longer term, the level of 0.9450 remains a projected target if any monthly candlestick achieves bearish closure below the depicted monthly demand level of 1.0500.
However, the EUR/USD pair has been trapped within the depicted consolidation range (1.0500-1.1450) until the current bullish breakout was executed above 1.1450.
The current bullish breakout above 1.1450 allowed a quick bullish advance towards 1.2100 where recent evidence of bearish rejection was expressed (Note the previous Monthly candlestick of September).
Daily Outlook
In January 2017, the previous downtrend was reversed when the Inverted Head and Shoulders pattern was established around 1.0500. Since then, evident bullish momentum has been expressed on the chart.
As anticipated, the ongoing bullish momentum allowed the EUR/USD pair to pursue further bullish advance towards 1.1415-1.1520 (Previous Daily Supply-Zone).
The daily supply zone failed to pause the ongoing bullish momentum. Instead, the evident bullish breakout was expressed towards the price level of 1.2100 where the depicted Head and Shoulders reversal pattern was expressed.
If the recent bearish breakout persists below 1.1700 (Neckline of the reversal pattern), a quick bearish decline should be expected towards the price zone of 1.1415-1.1520 (Initial targets for the depicted H&S pattern).
The bearish target for the depicted Head and Shoulders pattern extends towards 1.1350. However, to pursue towards the mentioned target level, a significant bearish pressure is needed to be applied to the mentioned zone (1.1415-1.1520).
Trade Recommendations
Recent price action around the price zone of 1.1520-1.1415 indicated evident bullish recovery. This scenario remains valid as long as the recent low around 1.1550 remains unbroken.
On the other hand, recent price levels around 1.1850 should be watched for a possible short-term SELL entry if enough bearish momentum is maintained. (Note the shooting-star daily candlestick of Wednesday).
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: