EURUSD November 20th 2018 Price Action Analysis
On Monday, we saw a rise in the value of the euro against the US dollar, with EURUSD reaching its highest level since November 7th. This uptrend was mostly due to a fall in US Treasury yield rates, which pushed the US Dollar Index. As seen from the EURUSD chart of the four-hour chart, the price hurdles hit $ 1.14 and then rose to a key resistance of 1.4556. Not only is the 4-hour key resistance consistent with the downtrend line drawn from the peak of January 1, 1550, but the RSI indicator also entered the saturated range of purchases. If the EURUSD reaches over 1, 1456, the Rand rate of $ 1.5 will be the next target.
Also, the four-hour key resistance is consistent with the resistance of 1.1455 daily. This resistance is surrounded by two Fibonacci corrections of 38.2% and 61.8% Fibonacci in 1 1443 and 1 1469. If the market passes through this range, the next resistance will be at $ 1,523.
Although the four-hour and daily charts show the presence of vendors in the market, the EURUSD weekly chart has returned from the top of the 111212-1.1191 demand zone and has been able to stop the quadruple downtrend. Continuing purchasing pressure from this range could push the EURUSD to the resistance line drawn from the peak of 1 2476, with a low resistance area of 1,1862-1.1717.
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Price action strategy
Although EURUSD ended Monday trading on a positive basis, and the weekly chart is indicative of continued upside movements, maybe short-term traders may enter the market and push for a quarter-key resistance of 1456.1USD EURUSD. In this case, the first goal of the market will be $ 1.14.
Conservative traders can stay ahead of the purchase deal before they can wait for a full four-consecutive downtrend of 1.4456 and then enter into a deal. In the face of the greedy traders, they could enter the EURUSD sale from 1. 1456 and put the margin above the Fibonacci retracement at 61.8% per day in 1 1469.