EUR/USD trading signals November 18

From a technical view,

EUR/USD is running out bullish strength in these recent days. Currently, this pair continues a weak corrective uptrend movement. Take note that the EUR/USD pair continues to trade within this bullish parallel channel, having bounced off the upper channel on 17 November and lower channel today. An upward trend line signals the continuation of the upward sentiment for another upper trendline test.

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A reversal in the opposite direction can be seen when the price approaches the upper boundaries of the channel which coincides with 1.190 psychological round figure mark.

EUR/USD also looks at risk of a near-term pullback as buyers are struggling to breach the resistance range at 1.1890 – 1.1900. However, remember that the trend will remain upward until the price breaches below the bullish channel. The probability of the pair's downward reversal is increasing.

Trading for a bearish move at this time is irrelevant, since there is support from the uptrend. Thus, traders are advised to wait for the upward reversal or signs of buyers' weakness below 1.190 in order to open short positions with targets at 1.1820 and 1.1780.

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