DAILY TECHNICAL ANALYSIS FOR NOVEMBER 22, 2021petar skakalov
Current level – 1.1273
During the past week, the European single currency continued to shed from its value against the U.S. dollar. The bulls managed to limit the sell-off to slightly above the support level of 1.1263, but the current sentiment remains negative.. Only a successful breach of the resistance zone of 1.1365 could be a prerequisite for an additional appreciation of the euro and a test of the next significant level of 1.1459, all of which would signal that the downtrend might be over. This week, investors will focus on the new home sales (Monday; 15:00 GMT) and the initial jobless claims data for the U.S. (Wednesday; 13:30 GMT).
Current level – 114.13
The test of the support of 113.77 was unsuccessful as the dollar recovered some of its recent losses against the yen and, during the early hours of today`s trading, the pair is trading just below the resistance of 114.40. If the bears re-enter the market and manage to violate the mentioned support, the decline should continue towards the zone of 113.40. The first target for the bulls is the level of 114.40, followed by the resistance of 114.90.
Current level – 1.3435
The bulls couldn’t manage to breach the resistance at 1.3500 and the consolidation still continues in the interval between 1.3400 and 1.3500. The expectations for today’s trading session are for the pair to test the support at 1.3350. If this level is breached, then a downward movement towards the next support at 1.3300 would be the most probable scenario. At the time of writing, a short-lived bullish offensive towards 1.3500 before the sell-off continues still cannot be excluded.
Gold price under the negative pressure
Gold price faced strong negative pressure in the previous sessions to complete forming minor double top pattern and approaches 1834.00 level, showing recovery attempts now, but its still below the broken neckline of the mentioned negative pattern, which makes us prefer staying aside until we get clearer signal for the next trend.
Note that breaching the resistance line formed at 1850.00 will release the price from the current negative pressure and lead to resume the bullish track that its next target located at 1900.00, while breaking 1834.00 represets negative factor that will press on the price to achieve new decline that surpasses 1825.15 to head towards 1800.00.
The expected trading range for today is between 1830.00 support and 1865.00 resistance.
The expected trend for today: Neutral
Source: Technical analysis