The single currency cannot choose its trend, being almost unchanged in November. Over the past month, the fluctuations of the pair have become less pronounced, as market participants consolidate their positions in anticipation of important signals from the Fed and the ECB, the most influential world central banks. The EURUSD pair fluctuates around the level of 1.13, which was a significant level of resistance in 2015-2016 years, making it a significant level for markets.
When in 2016th the pair failed to develop its growth above 1.13, it quickly collapsed almost by 10% in the area of 1.0350. Slightly less drastic declines were also in February and October 2015th, when EURUSD has sharply bounced down to 1.05, after a breakthrough of support in the mentioned area. Among the technical factors should also be noted the formation "Head and Shoulders", which is a signal of decline from the current levels. Simply put, EURUSD remains in a medium-term trend downward with possible targets on 1.03-1.05, or risks for months to remain in the range with support near 1.13.
However, the next few weeks promise to be very eventful with the potential impact on the pair.
When in 2016th the pair failed to develop its growth above 1.13, it quickly collapsed almost by 10% in the area of 1.0350. Slightly less drastic declines were also in February and October 2015th, when EURUSD has sharply bounced down to 1.05, after a breakthrough of support in the mentioned area. Among the technical factors should also be noted the formation "Head and Shoulders", which is a signal of decline from the current levels. Simply put, EURUSD remains in a medium-term trend downward with possible targets on 1.03-1.05, or risks for months to remain in the range with support near 1.13.
However, the next few weeks promise to be very eventful with the potential impact on the pair.