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Daily EUR USD Technical Analysis 21st November, 2016

EUR USD Technical Analysis

EUR USD Technical Analysis 21st November, 2016

Technical Analysis Overview

Prev. Close       1.0607
Open                 1.0582
Day’s Range     1.0579 – 1.0614
52 wk Range    1.0538 – 1.1616
1-Year Return – 0.45%

Technical Support and Resistance

In terms of Technical analysis the EUR/USD pair will find its immediate support at 1.0582. If, market breaks the first support then it will go for the following support to test. Following supports are 1.0580 and 1.0579. On the other side the market has immediate resistance 1.0584. If, market breaks the primary resistance level then, market will go for the new resistance level 1.0586 and 1.0587.

Expected trading range for today is between 1.0579 supports and 1.0614 resistances.

EUR USD dropped to 1.0710 last week and bounced from there. But this did not last for a long time and the pair continued to low ground, fighting over 1.06.

German GDP missed expectations but thanks to a beat in Italy, the 0.3% growth rate was confirmed for Q3. On the other hand, German business confidence looks good.

Draghi talks: Monday, After making dovish sounds, the President of the ECB makes another public appearance, this time at an official testimony in the European Parliament. He may hint about the highly anticipated December meeting of the Bank.

Along with technical analysis following economic event is very important to analyze the financial market properly.

Upcoming Important Economic News in EUROPE: (GMT +3)

1. ECB President Draghi Speaks at 7.00 pm