26.11.202011:38 Forex Analysis & Reviews: Trading plan for the EUR/USD pair on November 26. Global COVID-19 incidence has increased again. The European currency is trying to grow, but a reversal may happen instead.

Exchange Rates 26.11.2020 analysis

Global COVID-19 incidence has increased again, albeit below November highs. The figure reached 609,000 yesterday, but thankfully is still below the peak which is 660,000. Death rate, on the other hand, has approached new highs, amounting to 12,000 a day.

Vaccines developed by Pfizer and Moderna are expected to come out by December 11th, while the drug manufactured by AstraZeneca still needs further observation and approval.

Exchange Rates 26.11.2020 analysis

EUR / USD - The euro is trying to grow amid a narrow market, but because of the holiday in the US, market volatility will be low, thereby postponing this attempt.

As a result, even if a consolidation above 1.1920 technically signals an upward trend, a sharp downward reversal may occur because of the very sluggish growth.

Keep long positions from 1.1906 to 1.1880.

Open short positions from 1.1880 to 1.1925.

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

Jozef Kovach,
Analytical expert
InstaForex Group © 2007-2021
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