EURUSD Analysis 26.11.2018

The single currency of the euro area fell during the US session on Friday to see its second session in four sessions of its highest since November 7 and is poised to resume its weekly loss for the seventh week in nine weeks against the US dollar following developments and economic data that followed on Friday from Before the economies of the euro area and the US economy the world's largest economy.

Where the EURUSD closed down compared with the opening levels at 1.1403 after the pair hit a 16-month low of 1.1338 and the highest at 1.1421.

Technical analysis:

The EUR continues to depreciate against the USD as it broke the support level of 1.1340 and headed towards the new support level of 1.1300.

The price is trading below the 50-20-7 moving averages and we await the intersection of SMA 20 and SMA 50 to consolidate the downside move.

The Stochastic is giving negative signals to support the downside move as it trades in the oversold area.

The trading range for today is among the key support at 1.1300 and the key resistance at 1.1443.

Support and resistance:

Support: 1.1340-1.1300-1.1216;

Resistance: 1.1380-1.1443-1.1500.