empty
 
 
18.11.2019 10:12 AM
Technical analysis recommendations for the EUR/USD and GBP/USD on November 18

Economic calendar (Universal time)

Today, the economic calendar does not contain important news.

EUR / USD

This image is no longer relevant

The pair performed a full upward correction to the daily short-term trend, while meeting a fairly significant and wide resistance zone, formed from various levels of higher time intervals (1.1065 upper border of the daily cloud - 1.1082 daily Kijun + weekly Fibo Kijun - 1.1107 final dead cross day line). The formation of a breakdown of the encountered resistance will change the current balance of forces, since the pair will be able to return to the bullish zone relative to the daytime cloud and eliminate the dead day cross. As a result, prerequisites will appear again for testing the key resistance of this area - the monthly short-term trend (1.1164) and the weekly Kijun (1.1145). The formation of rebound from the resistance encountered and the return of the short-term weekly to the side of the bears (1.1030) will strengthen the chances of a breakdown of the daily cloud (1.0983) and consolidation in the bearish zone.

This image is no longer relevant

At lower time intervals, currently analyzed technical instruments support the development of upward movement. The pair is in close proximity to the first resistance of the classic pivot levels (1.1068), then R2 (1.1083) and R3 (1.1110) can act as resistance within the day. This arrangement of levels corresponds to the benchmarks and expectations of higher time intervals. Today, key support levels on H1 formed a zone responsible for maintaining bullish interests, at 1.1041 (central pivot level) - 1.1023 (weekly long-term trend). Fixation below the zone will change the current balance of forces and will require a new assessment of the situation.

GBP / USD

This image is no longer relevant

Last week, the pound managed to close above the first resistance in the area of 1.2882 (monthly Fibo Kijun + daily Tenkan), thanks to this, the pair started a new test of the weekly cloud resistance (1.2922 Senkou Span A + 1.2959 Senkou Span B) today. The breakdown of the cloud and the restoration of the upward trend, through updating the maximum extremum (1.302), will allow us to consider new prospects for players to increase. The closest reference point, in this case, will be the monthly medium-term trend (1.3167). Failure and return under 1.2882 can significantly affect the further development of events.

This image is no longer relevant

At the lower halves, at the end of last week, key supports coped with the tasks set, defended the interests of the bulls, which helped the players to increase their positions. At the moment, the resistance R1 (1.2924) of the classic pivot levels is being tested for strength, while further interests will be directed to R2 (1.2947) and R3 (1.2976). The key support for today is located at 1.2895 (central pivot level) and 1.2860 (weekly long-term trend).

Ichimoku Kinko Hyo (9.26.52), Pivot Points (classic), Moving Average (120)

Evangelos Poulakis,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback