EUR/USD once again turned lower

EUR/USD once again turned lower

2019-11-11 • Updated

Trade idea

SELL 1.1165; TP1 1.1135; TP2 1.1120; SL 1.1180

The key currency pair met the resistance of the 50-day MA. This line stopped the advance of the pair in April and has once again provided an obstacle for bulls this week around 1.1245. In addition, EUR/USD was limited on the upside by the declining resistance line for many months already.

On H4, we can see that the pair fixed below the line connecting the lows of April and May in the area of 1.1180. As a result, it’s possible to expect the euro to return to these lows which are located in the 1.1135/20 area.

Fundamentally the euro is under pressure as Italian Deputy Prime Minister Matteo Salvini said that right-wing League party will “tear apart” European Union rules if it gets good results at European parliamentary election on May 23-26.  

EURUSD 1707.png


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