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21.11.2019 09:44 AM
Technical analysis recommendations for EUR/USD and GBP/USD on November 21

Economic calendar (Universal time)

The economic calendars of different companies differ in their views in assessing the importance of the data published today. However, in a period of uncertainty and lull, the market can take advantage of even slight positivity or negativity, and thus, it is better to pay attention to the publication of these indicators.

12:30: ECB Monetary Policy Report

13:30: Manufacturing activity index (USA)

15:00: Sales in the secondary housing market (USA)

EUR / USD

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Over the past day, no drastic changes have occurred. The situation has not cleared up, and the pair is still in the zone of attraction 1.1065 (upper border of the daily cloud + Fibo Kijun), limited by the resistance of 1.1082 (weekly Fibo Kijun + day Kijun) and in the immediate vicinity of the support of 1.1030-40 (daily Tenkan + weekly Tenkan). For upside players, if they are able to overcome the resistance of 1.1082, the next task will be to eliminate the daily dead cross (1.1107). For players on the downside, fixing below the level of 1.1030-40 will return the significance to the exit from the daily cloud. Today, its lower border is located at 1.1004.

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Yesterday, the development of correction was the only thing that was observed in the lower halves. The key support, which allows to maintain the interests of the upside players (weekly long-term trend), remained on the bullish side. Therefore, despite a long stay in the correction zone, the advantage and the chances of continuing the upward movement remain a priority. Today, on H1, the key support is located at 1.1069 (weekly long-term trend) - 1.1055 (central pivot level). Fixing below can significantly affect the current balance of forces, but the main value, in this case, will still be support for the higher halves 1.1030-40.

GBP / USD

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Yesterday, the pair performed a retest of the broken trend line, but at the same time, remained within the zone of attraction and resistance encountered the day before. The zone is quite wide and strong 1.2882 (daily cross + monthly Fibo Kijun) - 1.2922-59 (weekly cloud) - 1.302 (maximum extreme), and thus, the winner in this confrontation can find good opportunities to further strengthen their moods.

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In the lower halves of the last day, the players on the downside failed to change the situation with the weekly long-term trend. Today, key support levels on H1 (central Pivot level + weekly long-term trend) have joined forces at 1.2913. Fixing below the supports and the minimum (1.2886) can not only change the preferences in the lower halves, but also return the bearish activity to the higher time intervals. At the same time, for the players on the upside, the resistance within the day can be the classic pivot levels 1.2939 - 1.2957 - 1.2983, but the main value for them is to exit the correction zone and restore the daily upward trend (1.3012).

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

Evangelos Poulakis,
Analytical expert of InstaForex
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