EUR/USD Technical Analysis: Euro corrects early November decline, ends the week above 1.1050 level

EUR/USD ends the week near its highs as the market is correcting the recent November decline.
The correction can continue to the 1.1055/78 resistance zone.

Flavio Tosti Independent Analyst

EUR/USD weekly chart

EUR/USD had a small corrective bounce above the 1.1000 handle this week. The market is trading below its main weekly simple moving averages in a weak bear trend.

EUR/USD daily chart

The Euro, on the daily chart, is trading in a bear trend below downward sloping 100 and 200-day simple moving averages (DMAs). This Friday the market corrected to the upside and broke above the 50 DMA today at 1.1041. The spot also reached the 1.1060 level which is the 38.2 Fibonacci retracement from the current November decline.

EUR/USD four-hour chart

The Fiber is correcting up as it moved beyond the 50 SMA. There is a weak resistance at 1.1055, which might be overcome, according to the Technical Confluences Indicator. Afterwards, comes the 1.1078 strong resistance near the 200 SMA. If that also fails to contain prices, then the market might continue its correction towards the 1.1112 level. Further up lie the 1.1181 resistance.

Additional key levels

EUR/USD

Overview
Today last price	1.1055
Today Daily Change	0.0034
Today Daily Change %	0.31
Today daily open	1.1021

Trends
Daily SMA20	1.1092
Daily SMA50	1.1041
Daily SMA100	1.1101
Daily SMA200	1.1181

Levels
Previous Daily High	1.1029
Previous Daily Low	1.0989
Previous Weekly High	1.1176
Previous Weekly Low	1.1016
Previous Monthly High	1.118
Previous Monthly Low	1.0879
Daily Fibonacci 38.2%	1.1013
Daily Fibonacci 61.8%	1.1004
Daily Pivot Point S1	1.0997
Daily Pivot Point S2	1.0974
Daily Pivot Point S3	1.0958
Daily Pivot Point R1	1.1037
Daily Pivot Point R2	1.1052
Daily Pivot Point R3	1.1076

Author

Flavio Tosti

Independent Analyst

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