EUR: impregnable 1.1900 resistance

EUR: impregnable 1.1900 resistance

2020-11-19 • Updated

EUR/USD has again failed to cross the resistance of 1.1900 this week and directed to the downside. The pair’s drop isn’t linked only with the euro’s weakness, but also with the dollar’s strength. The market was indecisive for some time, but virus fears outweigh vaccine hopes eventually, and the risk-off entered the market.

Today is a really important day for the euro as ECB’s President Lagarde has had a meeting already and the EU conference is ahead. Lagarde’s speech drove the EUR down as she gave pessimistic comments on the economic recovery of Eurozone and emphasized the devastating effect of the fresh Covid-19 resurgence. Indeed, the number of new infections rose significantly, and EU countries imposed social distancing restrictions and lockdowns. Elsewhere, Lagarde claimed that additional monetary and fiscal support will be needed. A potential further easing pushed the euro down.

Technical tips

EUR/USD has broken through the 50-period moving average at the 1.1830 level. The way to the key psychological mark of 1.1800 is clear now. If it manages to cross it, it may fall to the 200-period moving average of 1.17825. However, the 50-period moving average has been supporting the pair so far this week, so it may turn to the upside again. The strong resistance area is 1.1890-1.19000. The move above it will drive the pair further up to the next round number of 1.1950. Follow the EU Conference at 17:00 MT time as it will impact the euro!

EURUSDH4.png

TRADE NOW

Similar

XBRUSD: Prepares to Correct Intraday Rally
XBRUSD: Prepares to Correct Intraday Rally

Bearish Scenario: Sales below 80.00 with TP1: 79.34, TP2: 78.94, TP3: 78.55, and 78.00 Bullish Scenario: Buys above 78.00 (wait for a retracement to the zone) with TP: 79.34 TP2: 80.00, and TP3: 81.00

Oil In The Geopolitical Lens: Soars And Dips Under The Influence Of Global Events
Oil In The Geopolitical Lens: Soars And Dips Under The Influence Of Global Events

Amid uncertainty driven by geopolitical events, oil prices surged to record highs. However, a correction in oil prices is observed with a gradual improvement in the situation in the Middle East and an increase in demand. The question facing investors is whether there are prerequisites for further price growth or if everything depends on the dynamics of the political landscape. In this article, we will explore the impact of recent events on the global oil market and the prospects for developing this crucial commodity sector.

Latest news

WTI and Brent React To a Key Pivot
WTI and Brent React To a Key Pivot

Brent oil is currently on a bullish trend, facing resistance near $84 and supported by the 200-day EMA. Breaking above this level could lead to a climb towards $90. Short-term support is observed around $80, backed by the 50-day EMA. As summer approaches and travel increases, crude oil tends to benefit from seasonal patterns. Despite temporary setbacks, buying...

XAUUSD: Will Gold Continue to Rally?
XAUUSD: Will Gold Continue to Rally?

Last week I gave a trade idea on XAUUSD with a target around the $2,020 price line. At the time of writing, XAUUSD already exceeded the target and I’m sure that would leave a lot of people wondering what to expect next. Below, I have presented my view of how I expect the price action to turn out in the meantime.

Deposit with your local payment systems

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera