EURUSD struggle for the level

Today, the pair EURUSD is trading higher. The price is above 50 MAE H1, 100 MAE H1, the MACD indicator is also above zero, which generally indicates that bulls control the situation. The resistance is at 1.18600 – max 15.11.17 (red), the key support is 1.17560 min yesterday (green). The pair formed a short-term downward channel.

Analysis EURUSD 17.11.17

The price today 3 times tested the upper limit of the descending channel and each time the sellers were stronger.

The main events unfold around the mirror level 1.18040 (the purple line on the chart). Forex market traders used this level 8 times for 4 days to make decisions and place orders. At the time of writing this article, the pair is trading directly at this level. In case of fastening above this level, we can expect the pair to move to the upper limit of the range and test resistance at 1.18600. In case of fixing the price below the level – we can expect the pair to fall to resistance at 1.17560. At the same time, EURUSD will have to overcome resistance at exponential averages over a period of 50 and 100 hours. Support for the US dollar can provide data on the number of issued construction permits, as well as the closure of long positions and profit-taking at the end of the week.

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