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EURUSD Technical Analysis Report 19 November, 2020

  • EURUSD reversed from strong resistance level 1.1900
  • Likely to fall to 1.1755

EURUSD continues to fall after the price reversed down with the two consecutive daily Japanese candlestick reversal patterns Shooting Star from the strong resistance level 1.1900 (which has been reversing the pair from the start for September, as can be seen from the daily EURUSD chart below) – staining near the upper daily Bollinger Band. This level stopped the previous waves (B) and (1).

Given the strength of the resistance level 1.1900 and the rising bullish US dollar sentiment affecting the currency markets today on worries about rising COVID-19 infection numbers globally – EURUSD is likely to fall further toward the next support level 1.1755 (low of the previous medium-term corrective wave (2) from the start of November).

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