empty
17.11.2022 01:34 PM
Technical analysis of EUR/USD for November 17, 2022

This image is no longer relevant

Overview :

The EUR/USD pair's rise from 1.0272 is still in progress and intraday bias stays on the upside for 1.0272 resistance first on the one-hour chart. All elements being clearly bullish market, it would be possible for traders to trade only long positions on the EUR/USD pair as long as the price remains well above the price of 1.0272. The EUR/USD pair will continue rising from the level of 1.0272 in the long term. It should be noted that the support is established at the level of 1.0272 which represents the daily pivot point. The price is likely to form a double bottom in the same time frame. Accordingly, the EUR/USD pair is showing signs of strength following a breakout of the highest level of 1.0340. This suggests that the pair will probably go up in coming hours.

If the trend is able to break the level of 1.0340, then the market will call for a strong bullish market towards the objectives between 1.0272 ans 1.0480 this week. Currently, the price is in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. As the price is still above the moving average (100), immediate support is seen at 1.0272, which coincides with a key ratio (61.8% of Fibonacci). The EUR/USD pair swing around the breached resistance of the bullish channel and keeps its stability above it until now, noticing that the EMA50 continues to resistance the price from above, while RSI begins to overlap positively.

Thus, the market is indicating a bullish opportunity above the above-mentioned support levels, for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside. So, buy above the level of 1.0340 with the first target at 1.0360 in order to test the daily resistance 1. The buyers' bullish objective is set at the level of 1.0480. A bullish break in this resistance would boost the bullish momentum. The buyers could then target the resistance located at 1.0480. If there is any crossing, the next objective would be the resistance located at 1.0480. The level of 1.0550 is a good place to take profits.

Moreover, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). However, beware of bullish excesses that could lead to a possible short-term correction; but this possible correction would not be tradeable.

On the other hand, in case a reversal takes place and the EUR/USD pair breaks through the support level of 1.0272, a further decline to 1.0208 and 1.0144 can occur. It would indicate a bearish market.

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
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

Recommended Stories

EUR/USD. March 20th. Bears Failed to Regain Control Once Again

On Wednesday, the EUR/USD pair rebounded from the 1.0944 level for the third time and reversed in favor of the U.S. dollar, declining toward the 200.0% Fibonacci level at 1.0857

Samir Klishi 10:41 2025-03-20 UTC+2

Forecast for GBP/USD on March 20, 2025

On the hourly chart, the GBP/USD pair rebounded from the 127.2% Fibonacci retracement level at 1.3003 on Wednesday, followed by a slight decline. Shortly after, the pair returned to 1.3003

Samir Klishi 10:36 2025-03-20 UTC+2

GBP/USD: Pound Losing Significant Bullish Momentum

The British currency has recently gained significantly against the dollar due to two key factors: the weakness of the U.S. currency amid recession risks in America and uncertainty about

Pati Gani 10:25 2025-03-20 UTC+2

Technical Analysis of Intraday Price Movement GBP/CHF Cross Currency Pairs, Thursday March 20, 2025.

Currently on the 4-hour chart, the GBP/CHF cross currency pair is seen moving in a Sideways condition, this can be seen from the WMA (30 Shift 2) moving through

Arief Makmur 07:23 2025-03-20 UTC+2

Technical Analysis of Intraday Price Movement of Nasdaq 100 Index, Thursday March 20, 2025.

As seen on the 4-hour chart, the Nasdaq 100 index appears to have 3 interesting things, namely the first is the appearance of a Bullish 123 pattern, the second

Arief Makmur 07:23 2025-03-20 UTC+2

GBP/USD Forecast for March 20, 2025

Yesterday, the pound sterling closed at the opening level, targeting 1.3001. This allowed the price to start today with a quiet upward movement above this level. The Marlin oscillator successfully

Laurie Bailey 03:37 2025-03-20 UTC+2

EUR/USD Forecast for March 20, 2025

The Federal Reserve meeting has concluded, and our expectation that economic risks would be highlighted was correct. Both the accompanying statement and Powell's speech emphasized these concerns. The central bank

Laurie Bailey 03:37 2025-03-20 UTC+2

USD/JPY Forecast for March 20, 2025

Yesterday's Bank of Japan and Federal Reserve meetings were uneventful, but they did not provide any reasons for the yen to weaken against the dollar. Instead, the yen's strengthening trend

Laurie Bailey 03:37 2025-03-20 UTC+2

Trading Signals for EUR/USD for March 19-21, 2025: sell below 1.0900 (+2/8 Murray + 21 SMA)

If the euro falls and consolidates below 1.09 and below the 21 SMA in the coming hours, this could be seen as an opportunity to sell with targets at 1.0830

Dimitrios Zappas 14:01 2025-03-19 UTC+2

Trading Signals for GOLD (XAU/USD) for March 19-21, 2025: sell below $3,045 (+2/8 Murray + 21 SMA)

A consolidation below $3,045 could mean a technical correction toward the psychological level of $3,000. Therefore, we will look for shorting opportunities in the coming days as long

Dimitrios Zappas 14:00 2025-03-19 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.