The EURUSD pair declined sharply yesterday after the housing starts numbers. In the Asian session, the pair was little moved. What next can traders expect next? The following technical outlook reveals.
November 21, OctaFX – The euro currency has moved sharply lower against the greenback, following a strong move higher in the US dollar index on Tuesday. The intraday sentiment surrounding the EURUSD pair is bearish while price trades below the 1.1390 level.
EURUSD Technical Outlook
The MACD indicator is turning lower on the four-hour time frame, with a sustained move below the 1.1370 support level likely to trigger the next round of technical selling.
- The EURUSD pair is only bearish while trading below the 1.1390 level, key support is now found at the 1.1330 and 1.1300 levels.
- If the EURUSD pair trades above the 1.1390 level, key intraday resistance is found at the 1.1418 and 1.1470 levels.
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