FX.co ★ Technical analysis of EUR/USD for November 19, 2019

Overview:

Pivot point : 1.1051.

The EUR/USD pair faced strong support at the level of 1.1051. because resistance became support. The strong resistance has been already faced at the level of 1.1090 and the pair is likely to try to approach it in order to test it again. The EUR/USD pair continues to move upwards from the level of 1.1051. Today, the pair rose from the level of 1.1051 to a top around 1.1090.

The price spot climb up of 1.1051 remains a significant support zone. Therefore, there is a possibility that the EUR/USD pair will move to the upside and rising structure does not look corrective. The bullish outlook remains the same, as long as the 100 EMA is pointing to the upside. The pair is trading above its pivot point. It is likely to trade in a higher range as long as it remains above the pivot point. long positions are recommended with the first target at 1.1090. A break of that target will move the pair further upwards to 1.1121. The pivot point stands at 1.1051. Please notice that this scenario will be invalidated if the price reverses below the wave 2 lows at the level.

A daily closure above 1.1121 allows the pair to make a quick bullish movement towards the next resistance level around 1.1152. However, traders should watch for any signs of bearish rejection that occur around 1.1028. But overall I still prefer a bullish scenario at this phase.