FX.co ★ Technical analysis for EUR/USD for November 20, 2018

Technical outlook:

The 4H chart for EUR/USD depicted here is indicating a clear break of the resistance trend line as highlighted. This was anticipated and discussed earlier, and now prices are expected to take out initial resistance at 1.1500 levels. EUR/USD is trading around 1.1450 levels, and could drop lower towards 1.1400 levels, before rallying further. A backside test of the trend line, which is support now, would be much in favor of a bullish resumption. Furthermore, a break above 1.1500 levels will confirm that a meaningful low is in place at 1.1213 levels earlier. On the flip side, if prices enter again below the trend line (sell zone), it could be a threat to recent lows.

Trading plan:

Aggressive traders remain long against 1.1213, targeting 1.1500

Good luck!