Weekly Technical Outlook: EUR/USD ; Market Forecasts for November 13TH – November 17th

• Resistance level 1708, 1.1743, 1.1764
• Pivot Level 1619
• Support Level  1.1585

Technical Analysis

EUR/USD has been consolidation pattern from the 1.1585 levels. The pair is still in progress with support holding the levels price action produced strong bullish momentum at the close of the week. Its candle made some pull back indicating shift in momentum to upside bias with pair closing above the trend line. The pair looks for corrective upward bias with price action confirming the bullish movement medium term. The pair is still in progress from current levels with pair finding support and oscillator still above the 58.0 level upward momentum is looking towards sustained trading above the 1.1619 levels will confirm strong long term momentum. This will remain the favored case as long as support holds and would pave the way to reach level breaks here can expect levels of the 1.1708 and later to 1.1743 levels. The pair’s outlook remains bullish for week.

Economic

• Gross Domestic Product, Industrial Production
• Trade Balance, Consumer Price Index
• Retail Sales, Consumer Price Index, Initial Jobless Claims
• Building Permits Change, Housing Starts Change

Area of Interest

• Strong support at 1.1585 area and closed above support levels.
• Bullish momentum with two bar reversal and pair strongly closing above the support area.
• Price action closed above the break of trend line and oscillator above 58.0 levels indicating shift in momentum.

At Flip Area on Daily time frame support levels.