The control level of the first stage plays the role of resistance, extremely slowing down the quote, what it led to and what else to expect – you will find answers to these and many other questions in the article.

From technical analysis, we see a rather sharp stop of the quote at the moment of convergence with the range level of the first stage of the recovery of 1.1080. What do we have? Two-day accumulation in an extremely narrow framework of 1.1065/1.1085, where the quote showed extremely low volatility and almost no trading volumes. That is, we had all the signs of readiness of market participants for future actions. What happens if the range level of 1.1080 so firmly took its positions, and traders who have previously opened purchase transactions switched to massive fixations due to the increased risk of a rebound, then the fact that the recovery phase has been preserved is confirmed, which cannot but rejoice. It remains for small – to return to the market a sufficient number of sellers who will be able to send the quote back to the stage #2 in the face of the psychological level of 1.1000, and here we are faced with not quite a stable emotional background of the market. So, market participants are not experiencing the best period due to the massive flow of information that feeds them day after day not by facts, but by ambiguous judgments that do not allow them to form an understanding of the future in terms of strategic moves.

Against this background, the dynamics of volatility decreases disappointingly, and we can no longer overcome even the daily average, and the work is mostly carried out on low fluctuations.

Analyzing hourly the past day, we see the accumulation of all in the same framework of 1.1065/1.1085, where the structure of the movement has in its composition an extremely large number of candles like "Doji", which once again confirmed the indecision and a kind of readiness.

As discussed in the previous review, speculators closely followed the framework of 1.1065/1.1080, working on the method of identifying momentum and touching the necessary areas for the production of trading operations. No deals were opened.

Looking at the trading chart in general terms (the day), we see that the recovery process relative to the oblong correction was at risk of fracture, but the level of 1.1080 still managed to hold the quote, and we are again at 33% recovery. The main downward trend of EURUSD sets the market interest, but for how long will the strategic positions last, there is no clear answer to this question yet.

The news background of the last day had data on the volume of production in the construction sector of the European Union, where they expected acceleration to 2.7%, and received a slowdown to -0.7% for September. In the afternoon, data on the construction sector in the United States were released, where the statistics were even better than expected. So, the number of issued building permits shows an increase of 5%, and the volume of construction of new homes has 3.8%.

The market reaction, as you may have guessed, was absent, probably due to the characteristic wariness and the influence of the restraining information background.

So, US President Donald Trump once again contributed to the contention between US-Chinese trade relations. Yesterday, Mr. President told reporters at a meeting of his cabinet in the White House that, as it were, everything is fine in the negotiations, but China does not agree to conclude a deal, then duties will continue to increase.

"China is interested in a deal that I like. If not, then no. I am now very pleased with China. We have a lot of money for our farmers, I help people. I have a good relationship with China. Let's see what happens. If we don't conclude a deal, I will raise duties even higher," Donald Trump said.

Blackmail, you say, no way, diplomacy in the American way.

Thus, one should not be surprised that the process of concluding a transaction will be delayed for an indefinite period, although many media sources predicted the deal in the spring of 2018, then in the spring of 2019, in the fall of 2019, etc., this is almost the same as with the Brexit deal, just a little on a different level. What to say, we follow the processes and try to be on time.

As for everyone beloved by Brexit, fear reignited here that Jerome Corbyn could win the British parliamentary elections, who would try to prevent the deal with the EU from going forward, thereby delaying the country's exit for an indefinite period. Such a conclusion was reached by experts after yesterday's television debate, where Boris Johnson overtook his opponent Corbyn by only two percent during a vote among interviewed viewers.

Let me remind you that Corbyn is not enthusiastic about the deal that the Prime Minister concluded, and if he wins the election on December 12, he will set the goal of agreeing on a new deal with the EU in three months and submitting this deal to the people for six months.

Now, we understand the kind of pressure that was present in the market, where at first everyone was rosy about Johnson's early victory in the elections and the conclusion of a deal with the EU, and now the probability of a conservative victory has decreased and the risk, like the fear of failure of another Brexit deal, has increased.

n the end, a few words about one more news, yesterday the US Senate unanimously adopted its version of the bill on "Protecting Human Rights and Democracy in Hong Kong." This bill is an open interference in the affairs of Hong Kong and the internal affairs of China, which may, as a fact, affect American-Chinese relations.

Today, in terms of the economic calendar, we have the publication of the minutes of the meeting of the Federal Committee for Open Market Operations, which may arouse the interest of market participants. The interest lies in the fact that such a rapid decrease in the refinancing rate unnecessarily scared investors, and now everyone needs specifics in the regulator's further actions.

Further development

Analyzing the current trading chart, we see that the framework of 1.1065/1.1080, which restrains the interest of speculators, was broken in the downward direction, but the area of 1.1060/1.1055 was never closed. Thus, the main trading volumes have not passed, and conditionally we continue to be within the accumulation. In terms of volatility, a slight acceleration was recorded, but in a quarter of capacity, thus there is still a chance of acceleration, but I would like to correct that it is possible within the average.

By detailing the available time interval, we see that a surge of activity occurred at the start of the European trading session, where to this day one feels a kind of energy in terms of actions, which can play into the hands of private market participants.

In turn, some speculators could not stand it and have already entered into short positions, while other market participants more rationally assess the existing fluctuation, and the entry will be made after fixing the price below the area of 1.1060/1.1055, as it was originally designated. Alternative positions are still being considered since the quote is still within the accumulation.

It is likely to assume that some kind of fluctuation within the accumulation boundaries is still possible, where the goal for traders is in terms of identifying the price-fixing point. So, to resume the recovery process, we need to conditionally work out the range level of 1.1080, fixing lower than 1.1060/1.1055. The reversal of the recovery process will signal a price fixation higher than 1.1080 and a price exit higher than the area of 1.1095/1.1100, where the price will rush to the peak of 1.1180.

Based on the above information, we derive trading recommendations:

• Buy positions are considered in the case of an overflight of 1.1095/1.1100.

• We consider selling positions in the area of 1.1060/1.1055.

Indicator analysis

Analyzing different sector timeframes (TF), we see that at this time there is a distinct divergence in trading interests in connection with the existing stage of accumulation, where almost all technical indicators confirm this.

Volatility per week / Measurement of volatility: Month; Quarter; Year.

Measurement of volatility reflects the average daily fluctuation, calculated for the Month / Quarter / Year.

(November 20 was built taking into account the time of publication of the article)

The volatility of the current time is 25 points, which is close to low than average. It is likely to suggest that acceleration in terms of volatility is still possible, but clear flights regarding the accumulation framework are needed, perhaps the FOMC protocol will give activity to the market.

Key levels

Resistance zones: 1.1080**; 1.1180* ; 1.1300**; 1.1450; 1.1550; 1.1650*; 1.1720**; 1.1850**; 1.2100.

Support zones: 1.1000***; 1.0900/1.0950**; 1.0850**; 1.0500***; 1.0350**; 1.0000***.

* Periodic level

** Range level

*** Psychological level

***** The article is based on the principle of conducting transactions, with daily adjustments.