12^th November 2021 Technical Analysis

EURUSD

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

The pair is currently trading near 1.14426，and multiple resistance levels can be seen above which may prevent the price from rising further.

Resistance level 1: 1.14550

Resistance level 2: 1.14680

Resistance level 3: 1.14850

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

Support level 1: 1.14350

Support level 2: 1.14200

Support level 3: 1.14000

Today, the United States will release the Michigan Consumer Confidence Index data for November. Higher data indicate favourable to the US dollar, so it is negative 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.

XAGUSD

Silver prices rose on Thursday, and the technical bias is bullish due to higher highs in the recent uptrend.

The pair is currently trading near 25.1800，and multiple resistance levels can be seen above which may prevent the price from rising further.

Resistance level 1: 25.7000

Resistance level 2: 26.5000

Resistance level 3: 27.2000

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

Support level 1: 24.8000

Support level 2: 24.0000

Support level 3: 23.0000

Next Wednesday, the United States will announce retail sales data for October. Higher data indicate favourable to the U.S. dollar, and therefore may be bad for XAGUSD, and vice versa.

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