empty
 
 
26.11.2021 01:50 PM
Trading plan for EUR/USD on November 26, 2021

This image is no longer relevant

Technical outlook:

EUR/USD has finally produced a Morning Star bullish candlestick pattern on the daily chart after printing lows around 1.1186. This could be a potential trend reversal signal as bulls remain inclined to push through the 1.1700-10 mark in the medium term. The single currency pair seems to be out of woods now as bulls have regained control.

EUR/USD faced immediate resistance at 1.1385, followed by 1.1700, while support is seen around 1.1160 . A break above 1.1385 will confirm a trend reversal and that bulls are back in control. Also note that the price found support around the Fibonacci 0.618 retracement of the previous upswing between 1.0636 and 1.2350.

The overall trend remains upward until the price stays above 1.1000 going forward. Only a consistent break lower will open the door to test 1.0636,a low logged on March 2020. Traders are looking poised to hold fresh long positions with minimum upside target of 1.1700.

Trade plan:

Potential rally through 1.1700 against 1.1150

Good luck!

Oscar Ton,
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 $1000 more!
    In April we raffle $1000 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