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27.11.202012:12 Forex Analysis & Reviews: EUR/USD Facing Tough Resistance

EUR/USD is trading in the green on the H4 chart and is almost to reach a strong dynamic resistance again. Technically, the bias is bullish, so the pair is expected to resume the current growth.

Euro has decreased a little in yesterday's session as the German Gfk Consumer Climate was reported at -6.7, below -4.9 expected. Still, the pair is expected to jump higher as long is traded above the 1.19 psychological level.

USDX's further drop will definitely push EUR/USD higher towards the 1.2 psychological level.

EUR/USD Another Breakout Attempt!

Exchange Rates 27.11.2020 analysis

EUR/USD has come back down to retest the 1.9 level and now it could pressure the median line (ml) again. I've told you yesterday that the rate will approach the 1.2 level if the pair will close and stabilize above the median line (ml).

The pair could increase even if it stays under the median line (ml), but this could be a slower one. Closing above the R2 (1.1934) could validate further bullish momentum. As you already know, the next major upside target is seen at 1.20.

  • EUR/USD Trading Conclusion

A bullish closure above 1.1940 suggests buying with an immediate target at 1.2. The buying pressure is high as the price continues to stay near the median line (ml). Also, consolidating above 1.19 could offer a long opportunity as well.

The bullish scenario could be invalidated by a drop from the ascending pitchfork's body.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Ralph Shedler,
Analytical expert
InstaForex Group © 2007-2021
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