EUR/USD intraday technical levels and trading recommendations for November 20, 2013
November 20, 2013 3:15 pm
The price zone of 1.3560-1.3600 represented a valuable supply zone that kept the price below for almost two months. However, lack of bearish follow-up was witnessed around 1.3480. Instead, a significant bullish rejection was expressed leading to a Flag continuation pattern.
According to the final readings of the European Statistical Office one week ago, the European inflation was 1.1% in September, in line with preliminary projections, it settled at 1.3% in August. This constituted to the recent bullish jump that took place on October 22.
Previous daily candlesticks represented indecision around 1.3800 strongly suggesting bearish retracement towards 1.3700 the 1.3650 which took place shortly after.
The price zone extending between 1.3550-1.3460 was considered a valuable supply zone. This zone failed to provide a strong support. Instead, bearish breakdown took place with a quite strong momentum leading to breakdown of 1.3400 as well.
Price Zone 1.3300-1.3330 provided strong DEMAND for the pair pushing towards higher above 1.3400 – 1.3450 (prominent technical levels) Persistence of the current through above 1.3450 allowed the pair to reach the next supply level around 1.3560-1.3600 where price action should be watched.
The performance of the USD dollar during today’s consolidation has been variable; as the market bulls are applying bullish pressure based on their hopes regarding the results of the meeting of the Federal Open Market and the release of U.S. data including retail sales which are going to be declared later today.
The material has been provided by InstaForex Company – www.instaforex.com
The price zone of 1.3560-1.3600 represented a valuable supply zone that kept the price below for almost two months. However, lack of bearish follow-up was witnessed around 1.3480. Instead, a significant bullish rejection was expressed leading to a Flag continuation pattern.
According to the final readings of the European Statistical Office one week ago, the European inflation was 1.1% in September, in line with preliminary projections, it settled at 1.3% in August. This constituted to the recent bullish jump that took place on October 22.
Previous daily candlesticks represented indecision around 1.3800 strongly suggesting bearish retracement towards 1.3700 the 1.3650 which took place shortly after.
The price zone extending between 1.3550-1.3460 was considered a valuable supply zone. This zone failed to provide a strong support. Instead, bearish breakdown took place with a quite strong momentum leading to breakdown of 1.3400 as well.
Price Zone 1.3300-1.3330 provided strong DEMAND for the pair pushing towards higher above 1.3400 – 1.3450 (prominent technical levels)
Persistence of the current through above 1.3450 allowed the pair to reach the next supply level around 1.3560-1.3600 where price action should be watched.
The performance of the USD dollar during today’s consolidation has been variable; as the market bulls are applying bullish pressure based on their hopes regarding the results of the meeting of the Federal Open Market and the release of U.S. data including retail sales which are going to be declared later today.
The material has been provided by InstaForex Company – www.instaforex.com
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