Eurusd november 5h 2018 technical analysis
EURUSD last week, with doji candle, showed investors are skeptical about the EURUSD trend. This doji candle is in the weekly demand period of 1.14545-1.1312. If weekly buyers enter the market, EURUSD can climb to resistance level 1,1862-1.1717. This resistance zone has prevented further upward movement since early June 2018 to date. In the entire weekly chart, EURUSD is stuck in the yellow range. On top of this range, the recovery rate for 2018 is set to be on the 1st of 2004 and below the neutral range there is a demand area of 111212-1.1119.
On the EURUSD daily chart, the euro is back on the uptrend of support from 1.1327. This key level has been supported and resisted for EURUSD since February 2016. The supply range of 1.41493-1.1439 was also active on Friday trading and weakened the market by lowering the pins. At the top of the current supply area, resistance is 1,1523 dollars, while under the day-to-day support, the demand area is 1,1120-1.171. This daily demand area is clinging to the upper end of the weekly demand zone at 1.212-1.1.119.
On the EURUSD chart for the four-hour chart, the market returned to the bottom after reaching the high of 1.1455. Growth of the US dollar on Friday trading, coupled with a resistance of 1,432 bucks, led the EURUSD to finish the week below $ 1.14.
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Price action strategy
The EURUSD weekly chart is neutral in demand. On the daily chart, the EURUSD can go down to support at 1.1327. This means that the current weekly demand area is under pressure and maybe broken. For this reason, caution should be exercised in purchasing EURUSD.
On the EURUSD chart of the 4-hour chart, a higher price point is expected. Accordingly, despite a downside of $ 1.14, it might be best to consider buying from $ 1,1366. The support of $ 1,1366 is matched by a channel based on the peak of January 1, 1621. If the EURUSD falls below 1,1366, the daily support of 1,1327 and the November re-opening rate of 1,1314 will be the next target.