EURUSD closes lower for the 4th day in a row
Euro/US Dollar (EURUSD) Technical Analysis Report for Nov 07, 2019 | by Techniquant Editorial Team
Moving lower for the 4th day in a row, EURUSD finished Thursday at 1.1050 losing 16 pips (-0.14%). Today's close at 1.1050 marks the lowest recorded closing price since October 15th. Trading 24 pips higher after the open, the pair was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Wednesday's low at 1.1065, the Fiber confirmed its breakout through the prior session low after trading up to 29 pips below it intraday.
Daily Candlestick Chart (EURUSD as at Nov 07, 2019):
Thursday's trading range has been 56 pips (0.51%), that's slightly above the last trading month's daily average range of 51 pips. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for EURUSD.
One bullish candlestick pattern matches today's price action, the Bullish Hikkake Pattern.
After trading as low as 1.1036 during the day, the currency found support at the 50-day moving average at 1.1039. Prices are trading close to the key technical resistance level at 1.1067 (R1). After having been unable to move above 1.1093 in the previous session, EUR/USD ran into sellers again around the same price level today, missing to move higher than 1.1092. The last time this happened on Monday, EURUSD lost -0.49% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Bounce off SMA 50" stand out. Its common bullish interpretation has been confirmed for EUR/USD. Out of 105 times, EURUSD closed higher 51.43% of the time on the next trading day after the market condition occurred.
With three of the other Major FX Pairs closing higher and three closing lower today, the winners of the day are USDJPY surging 0.28% and USDCHF gaining 0.21%. On the flipside the worst performers have been GBPUSD closing -0.32% lower and USDCAD losing -0.06%. Looking at the Minor FX Pairs and Crosses, the winners of the day have been ZARJPY surging 0.68% and AUDJPY closing 0.48% higher. The worst performers of the day have been GBPZAR tanking -0.81% and EURNOK closing -0.81% lower. Read more