Technical analysis for EUR/USD for November 23, 2018

EUR/USD continues to trade above critical short-term support. The potential for a move towards 1.15 is still there. As long as we trade above 1.1380-1.1360, it is highly likely. Longer-term trend remains bearish targeting 1.10-1.08.

analytics5bf7a088c5a71.png

Yellow rectangle - resistance

Green rectangle - major support

Red rectangle- short-term support

Blue line - trend line support

EUR/USD is trading right along the blue trend line support. Breaking below it will be a bearish sign. However in order for bears to regain control of the short-term trend they will need to break below 1.1360 and the red rectangle area. Breaking below the green rectangle area will confirm the short-term bearish trend towards 1.10. So far we have not seen any bearish divergence sign. If the yellow rectangular area is tested, we might see one. Until then I remain neutral for the short-term.

The material has been provided by InstaForex Company - www.instaforex.com