EURUSD Daily Forecast Nov 20 2018

EURO - dollar - 65985-

EURUSD: Bullish, Eyes On 1.1533 With Caution…

The EURUSD maintained a bullish momentum yesterday, bottomed at 1.1393, topped at 1.1463 level. Now, the focus will turn to 1.1463 level. The EURUSD will have to hold and break above 1.1463 level on a daily closing basis to push the market for further upside gains. If seen it target 1.1533 level. A halt is likely, it may test 1.1463 before attempts to break higher. Anyway; above 1.1533 aims 1.1620 level, further upside, resistance comes at 1.1723 ahead of 1.1783 levels.

Alternatively, a failure to hold above 1.1463 level on a daily closing basis could mean a return to 1.1393 level. A halt is likely, it should go up from here but if this fails to happen, the pair will see pullback threats to 1.1290 level. A cut through 1.1290 restores the downside momentum and pave the way to 1.1200 level.

Conclusion: The EURUSD sees upside threats above 1.1393 level with caution…

Support: 1.1393, 1.1290, 1.1200, 1.1130

Resistance: 1.1463, 1.1533, 1.1620, 1.1723

According to the weekly timeframe: The pair remains exposed to the downside below 1.1420 level in the medium-term forecast. Above 1.1420 ( weekly closing basis) sees recovery threats to 1.1550 level where a break will aim 1.1750/11850 levels. A failure to hold above 1.1420 on a weekly closing basis could mean a return to 1.1335/1.1200 levels. Anyway, the pair may spike to 1.1530 before ending the week below 1.1420…

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