EURUSD has fallen below $1.1300 support

Eurusd technical analysis 13th november 2018

EURUSD has fallen below $1.1300 support

According to the chart of the EURUSD pair’s four-hour chart, the recent bullish rally of $ 1,1,800 Rand has been stopped at $ 1,300. This downside rally has been in the form of a downward channel. On November 7, the EUR / USD rate could break the $ 1,1,300 support for the downside channel ceiling to reach a Rand rate of 1,500. But this rate appeared in the form of resistance and prevented further upward moves, which resulted in a false ceiling of the channel, and EURUSD again returned to support at $ 1,300.

Failure signal

In today’s trading, the EURUSD has been hit by sales pressures, breaking the 1,1300 support after three months and falling to near the channel’s bottom. As the pair crossed the $ 1,1,300 and Fibonacci retracement of 61.8%, we can say that the probability of a downside move up to a 100% Fibonacci estimate at $ 1,180 is available. Meanwhile, the mid-range rate of 1.250, the Rand rate of 1.200 and the bottom of the channel will be troublesome for vendors. Read more: Fibogroup review 

Recursive signal

Conversely, if the mid-range price is around 1.12250 in support, and will prevent further downtrend movements, the EURUSD could return to resistances of 1,1300, 1,1335 and channel ceilings.

Eurusd technical analysis 13th november 2018

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