empty
 
 
24.11.2020 02:11 PM
EUR/USD Technical Forecast 24 November

From a technical perspective, EUR/USD is testing again the top of its 300-pips range that has held for nearly four full months now.

This image is no longer relevant

EUR/USD met key resistance at 1.1890 earlier today. After yesterday's bearish momentum price action we could see the beginning of the downtrend. However, the euro might continue higher but seems to be facing a crucial hurdle ahead. At resistance at 1.1890/1.1900.

On the downside, there are many important support levels, starting with 1.1830. There is also a key bullish trend line forming with support on the same chart. If there is a downside break below the ascending trend line support and forming a new low, the pair could test the 1.1800. Any further losses may perhaps lead EUR/USD towards the 1.1750 support zone.

On the upside, there is a strong resistance in progress near the 1.1890 and 1.1900 levels. To continue higher and starting a strong rally, the pair must settle above the 1.1900 resistance zone. A break of this level could potentially lead to a rapid rise towards the major resistance at 1.192 (November 9 High) .

Jan Novotny,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback