EURUSD technical analysis for 19th november 2018
Last week, we saw a strong bullish return from the weekly demand of 1.11212-1.1119, which stopped the EURUSD four weekly downtrend. Continuing purchasing pressure from this range could bring EURUSD to the resistance line drawn from the peak of 1 2476, with a low resistance of 1,1862-1.1717. The daily demand zone was 1.212-1.1111. It was active on Tuesday trading last week. Afterwards, we witnessed a bullish EURUSD up to resistance of 1,1301. The uptrend has continued and has been able to support resistance 1.1301. The daily resistance of the market is at 1,1455, with a good fit with the Fibonacci resistance of 38.2% at 1,1443 and 61.8% at $ 1,4149. On top of this range, resistance is 1, 1523.
On the EURUSD chart of the 4-hour chart, the market rallied around $ 1.14 a short distance from the green resistance range at 1.4456-1.1430. This range includes the key resistance of 1.4456, the 78.6% Fibonacci resistance at 1.1437, the resistance trend line drawn from the peak of 1.1621 and the estimate of 161.8% Fibonacci at 1.1430. The RSI indicator also indicates that the market is within the saturated range of purchases. Additionally, the daily resistance of 1.1455 should also be considered, which is consistent with the upper end of the range of four.
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Price action strategy
Although EURUSD ended the weekend in a positive range, buyers’ power is expected to weaken with the EURUSD approaching the 4-degree resistance range. The first major market support at Rand rate is 1.14. Conservative traders can wait to form a four-hour sales signal in the residual range, and then enter the EURUSD sales deal. Vendor traders can enter EURUSD sales from 1.1444 and put the loss margin above 1,1469.