Technical analysis

EURUSD Wave Analysis – 19 November , 2018

  • EURUSD reversed from support area
  • Further gains are likely

EURUSD has been rising in the last few trading sessions following the earlier upward reversal from the support area lying between the strong support level 1.1290 (monthly low from August), lower daily Bollinger Band and the 61.8% Fibonacci correction of the previous upward impulse from the end of 2016.

The upward reversal from this support area created the weekly Japanese candlesticks reversal pattern Bullish Engulfing.

EURUSD is expected to rise further and re-test the next key resistance level 1.1500 (which reversed the price earlier this month). Strong support remains at 1.1290.


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