EURUSD Daily Forecast Nov 23 2018

EURO - dollar -65985

EURUSD: Still Faces Pullback Threats With Caution…

The Outlook in EURUSD remains neutral at the moment, support comes at 1.1358 level while immediate resistance comes at 1.1424 level. Despite its short-term trend is bullish. The EURUSD will have to break and hold above 1.1424 (high of Nov 21, 2018) on a daily closing basis to prevent a return to the downside if seen it may expose 1.1463 level, further upside, resistance comes at 1.1533 level ahead of 1.1620 level.

Alternatively; a failure to hold above 1.1424 level could mean a return to 1.1358 level. A cut through support will put the pair under heavy pressure and pave the way to 1.1290 level, further down, support comes at 1.1200 level.

Low volatility is expected. US market closed today (Thanksgiving Day).

Conclusion: The EURUSD remains exposed to the downside below 1.1424 level with caution, above that level may expose 1.1463 and turn the focus on 1.1533 level.

Support: 1.1358, 1.1290, 1.1200, 1.1130

Resistance: 1.1424, 1.1463, 1.1533, 1.1620

German Manufacturing PMI fell 51.6, from 52.2 a month earlier, missing a forecast of 52.3. This development is likely to keep the pair capped by 1.1424 level today…