11^th November 2021 Technical Analysis

EURUSD

EURUSD fell on Wednesday, and the technical bias is bearish due to lower lows in the recent downtrend.

The pair is currently trading near 1.14817，and multiple resistance levels can be seen above which may prevent the price from rising further.

Resistance level 1: 1.15100

Resistance level 2: 1.15400

Resistance level 3: 1.15700

Below the price, multiple support levels can be seen which may prevent the price from falling.

Support level 1: 1.14600

Support level 2: 1.14200

Support level 3: 1.13900

Today, the European Central Bank will publish an economic bulletin. An optimistic outlook on the economy will show that it is beneficial to the euro, so it is bullish for the EURUSD currency pairs, and vice versa.

Looking at the current price trend and economic development, it may be a good trading choice to sell the EURUSD currency pair near the current level.

GBPUSD

GBPUSD fell on Wednesday, and the technical bias is bearish due to lower lows in the recent downtrend.

The pair is currently trading near 1.34093，and multiple resistance levels can be seen above which may prevent the price from rising further.

Resistance level 1: 1.34250

Resistance level 2: 1.34500

Resistance level 3: 1.34800

Below the price, multiple support levels can be seen which may prevent the price from falling.

Support level 1: 1.33800

Support level 2: 1.33500

Support level 3: 1.33250

Today, the UK will announce September GDP data. Higher data indicate favourable  to the pound, so the GBPUSD currency pair is bullish, and vice versa.

Looking at the current price trend and economic development, it may be a good trading choice to sell the GBPUSD currency pair near the current level.