EURUSD november 15th price action analysis
The EUR has been able to show good upswing since the EURUSD fell below the 1.01212-1.1191 weekly weekly basis. Although EURUSD is still under pressure from around 1.1310, it seems that the EURUSD uptrend to the resistance level is 1,1862-1.1717.
The daily resistance of 1.1310 has recently been under pressure and the EURUSD daily chart also shows that the market has been bullish for two consecutive days since the formation of the price floor around the daily demand zone of 1.220-1.1.171. Assuming EURUSD collapse in support of $ 1,1310, the next bullish target for EURUSD will be the high of November 7, 1499, with a low resistance to $ 1,1523 a day.
On Wednesday, the EURUSD EURUSD action rally in the range of 1,1325-1.1300 was referred to as a reasonable range for entering the sales deal. This quarterly range included the Rand rate of 1.13, the November reopening rate of 1.1314 and the Fibonacci retracement of 38.2% at 1.1325. As we see, the EURUSD collapsed in the 50-pound area and fell to a low of 1.1263. However, with the start of trading in the US, EURUSD was strengthened and rose to 1 January 1347. However, the EURUSD 4-hour chart has not been able to close above the opening rate of May’s November 1, 1314.
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Price action strategy
If the EURUSD quarterly chart exceeds the range of 1.3131-1.1300, then the next target will be the range from 1,1400-1,1372. This range could lead to a EURUSD downtrend. The specified range includes the Rand rate of 1.14, resistance to 61.8% Fibonacci on 1 1392 and resistance to 1.1372. But why should expect a downward spiral? Why is not the downside going? Because the long-term EURUSD curves do not show strong resistance until the high of November 7, 1499.
Conservative traders can wait for a four consecutive quarterly downtrend before they can enter the sales deal, and then enter the EURUSD sales deal. While venture traders can enter into a EURUSD deal from 1/1372 and put a loss margin above 1.14. In terms of profit margins, the November opening rate of 1,131 is a good place to consolidate profits.