DAILY TECHNICAL ANALYSIS FOR NOVEMBER 19, 2021petar skakalov
Current level – 1.1361
The euro recovered some of its recent losses against the dollar and,during the early hours of today`s trading, the pair is testing the first resistance at 1.1365. A successful breach should lead to a continuation of the corrective move towards the target at 1.1459. However, if the bears re-enter the market at the current levels and the resistance at 1.1365 holds, another test of the support at 1.1292 would be the most probable scenario. A successful violation of the mentioned level, followed by a breach of the lower zone at 1.1263, would strengthen the negative expectations for the future path of the EUR/USD, thus deepening the sell-off that started last week.
Current level – 114.36
The bears lost momentum and the currency pair returned to its previous range. At the time of writing this analysis, the Ninja is testing the resistance levels between 114.26 and 114.41, a successful breach of which would easily help the bulls to continue the rally of the greenback against the yen and lead the pair towards 114.92. The main support zone can be found at the level of 113.77, followed by the lower one at 113.41.
Current level – 1.3482
The attacks on the resistance zone at 1.3503 were not successful, but the Cable continues to trade just below the mentioned level. Better-than-expected data in the United Kingdom for the retail sales (today; 07:00 GMT) could help the bulls prevail later on in the session. If they manage to breach the mentioned resistance, we will most likely witness a move towards the resistance at 1.3551. In the more likely scenario, in which the bears take control, the pair should head towards 1.3439 and potentially extend the drop towards the level at 1.3400.
Gold price within continuation pattern
Gold price’s recent trades are confined within bullish pennant pattern that its signs appear on the chart, therefore, the price needs to breach 1868.50 to activate the positive effect of this pattern followed by rallying towards our positive targets that start at 1900.00 followed by 1915.00.
Therefore, our bullish overview will remain valid and active for the upcoming period, supported by the EMA50, noting that the continuation of the bullish wave requires holding above 1860.00 – 1856.00 levels.
The expected trading range for today is between 1850.00 support and 1885.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis