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DAILY TECHNICAL ANALYSIS FOR NOVEMBER 12, 2021

EUR/USD

Current level – 1.1436

The Greenback continues to appreciate against most major currencies. Over the past session, the pair managed to form a resistance at 1.1476 and the expectations for continued declines remain unchanged. The pair is approaching the 1.1410 support coming from the higher time frames. It is possible that the market will consolidate around this area. In the event of a breach, a test of the following zones at around 1.1300 and 1.1180 can be expected. Deeper pullbacks are not ruled out due to increased volatility, but they should be limited by the resistance at around 1.1594. Until this area is violated, prices should be under the bears’ control. No significant events in the economic calendar are expected today.

USD/JPY

Current level –  114.23

The pair returned to its range after experiencing an increased demand for the U.S. dollar at around 112.73. The breach of 113.40 can be considered as fake and, if the zone of 114.42 is not violated, the market is expected to continue trading in the range of 113.40 – 114.42. In the event the resistance is breached, a new impulse can be expected targeting 115.50 and even 117.00.

GBP/USD

Current level – 1.3356

The Cable is in a clear downtrend and, in the early hours of today, prices gravitate around the local support of 1.3360. Due to the shrinking activity, a corrective wave with a target of around 1.3500 can be expected. The first daily resistance for the pair is 1.3427. The current expectations are for new declines and a breach of 1.3360 would pave the road towards 1.3200. A change in sentiment can only be expected if prices stay above 1.3550.

Gold price gets a positive close

Gold price begins today’s trading with slight bearish bias to move below 1860.00, but we will depend on the daily close above this level to continue suggesting the bullish trend for the upcoming period, waiting to visit 1900.00 level mainly.

The EMA50 supports the suggested bullish wave, noting that failing to consolidate above 1860.00 will press on the price to achieve additional decline that targets testing 1825.15. areas before any new attempt to rise.

The expected trading range for today is between 1840.00 support and 1875.00 resistance.

The expected trend for today: Bullish

Source: Technical analysis

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