EURUSD Analysis 13.11.2018

The single currency of the European Union (EU) region fell broadly during the US session, its lowest since January 27 last year against the US dollar following developments and economic data followed Monday by the Euro-zone economies and the absence of the US market this weekend due to holiday Veterans Day.

At 05:46 pm GMT, the EURUSD fell 0.79% to 1.1246, compared with the opening levels at 1.1331 after hitting the lowest level since early 2017 at 1.1240 while the highest at 1.1332.

EU chief negotiator Michel Barnier told the EU's 27 remaining members that the main elements of the text of Britain's exit agreement from the European Union were ready for submission to the British cabinet on Tuesday and that he remained optimistic about an agreement between the parties.

In a similar vein, another report said that European Council President Donald Tusk had earlier told British Prime Minister Theresa May that the deadline for ending the exit agreement for the November summit is after Wednesday and therefore if the agreement is concluded after It is time to postpone the summit to the middle of next month.

Technical analysis:

The EUR / USD pair is showing further bearishness to continue to approach our main target at 1.1181, reinforcing expectations for the bearishness over the short and short term, with price to be monitored at the mentioned level as breaching it will cause an extension of the downside wave over the longer term.

The EUR / USD pair resumed its negative trading strongly to break the 1.1300 level and push down towards the next target at 1.1181. The bearish scenario remains valid for the coming sessions, supported by negative pressure formed by SMA 50 and Stochastic remains intact.

Noting that stability below 1.1300 represents a precondition for the continuation of the expected decline.

The trading range for today is expected among 1.1180 support and 1.1400 resistance.

Support and resistance:

Support: -1.1180-1.1100

Resistance: 1.1275-1.1350-1.1400

The general trend for today is bearish.