November 23, 2020 : EUR/USD daily technical review and trade recommendations.

0
43
November 23, 2020 : EUR/USD daily technical review and trade recommendations.

November 23, 2020 : EUR/USD daily technical review and trade recommendations.

November 23, 2020 : EUR/USD daily technical review and trade recommendations.

In October, Two opportunities for SELL Entries were offered upon the recent upside movement towards 1.1880-1.1900. All target levels were achieved.

However, after such downside movement, evident signs of bullish reversal were demonstrated around the depicted price levels of 1.1600.

Shortly after, the EUR/USD pair has demonstrated a significant BUYING Pattern after the recent upside breakout above the depicted price zone (1.1750-1.1780) was achieved.

As mentioned in the previous article, the pair has targeted the price levels around 1.1920 which exerted considerable bearish pressure bringing the pair back towards 1.1800 which constituted a prominent KEY-Zone for the EUR/USD pair.

Recently, the price zone around 1.1840 was mentioned as a prominent KeyZone to be watched for Price Action. Since, then, the pair has been failing to breakthrough below it.

That’s why, another upside movement is being expressed towards 1.1900-1.1920 where price action should be watched for possible bearish rejection.

Moreover, Bearish closure below the mentioned price zone of 1.1840 is needed to enhance a quick bearish decline towards 1.1750.

Trade Recommendations :-

Currently, the price zone around 1.1880-1.1920 ( backside of the broken trendline ) stand as significant Resistance-Zone to offer a valid SELL Entry. Exit level should be placed above 1.1940.

The material has been provided by InstaForex Company – www.instaforex.com

Source : https://www.fx.co/forex_analysis/quickview/196364/