empty
 
 
24.11.2022 03:50 PM
EUR/USD Technical Analysis and Trading Tips for November 24, 2022

This image is no longer relevant

During today's Asian trading session, EUR/USD continued to develop an upward trend, attempting further growth above the key resistance level 1.0390 (200 EMA on the daily chart). Its breakdown and breakdown of the above long-term resistance level 1.0500 (50 EMA on the weekly chart) significantly increases the risks of breaking the long-term EUR/USD bearish trend.

Today, market participants will pay attention to the publication (at 12:30 GMT) of the minutes from the November meeting of the ECB.

This image is no longer relevant

If the information contained therein regarding the ECB's monetary policy outlook is deemed hawkish by market participants, the euro may get a second chance to test the 1.0390 resistance level. Otherwise, EUR sellers will get more arguments in their favor, strengthening short positions in EUR and EUR/USD pair, respectively.

In this case, a breakdown of the short-term support level 1.0363 (200 EMA on a 15-minute chart) will be the first signal to resume short positions on EUR/USD, and a breakdown of support levels 1.0300 (200 EMA on a 1-hour chart), 1.0230 (144 EMA on a daily chart) will be the confirmation.

This image is no longer relevant

The immediate downside targets, in this case, will be significant support levels 1.0100 (200 EMA on the 4-hour chart), 1.0080 (50 EMA on the daily chart), 1.0000 (parity).

In general, the global downward dynamics of EUR/USD remains, and from a fundamental point of view, we should expect a renewed decline at least and at most a further fall of the pair towards the 20-year lows, when it was trading near 0.8700, 0.8600.

Support levels: 1.0300, 1.0230, 1.0100, 1.0080, 1.0000, 0.9745, 0.9700, 0.9600, 0.9535, 0.9500, 0.9400, 0.9300, 0.9200, 0.9000

Resistance levels: 1.0390, 1.0500

Trading Tips

Sell Stop 1.0350. Stop-Loss 1.0450. Take-Profit 1.0300, 1.0230, 1.0100, 1.0080, 1.0000, 0.9745, 0.9700, 0.9600, 0.9535, 0.9500, 0.9400, 0.9300, 0.9200, 0.9000

Buy Stop 1.0450. Stop-Loss 1.0350. Take-Profit 1.0500

Jurij Tolin,
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