Technical Analysis of EUR/USD for November 16, 2020

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Technical Analysis of EUR/USD for November 16, 2020

Technical Analysis of EUR/USD for November 16, 2020

Technical Market Outlook:

The EUR/USD pair might have started another wave higher after 38% retracement of the last wave up had been tested. The move up looks like a bounce for now, but if the level of 1.1879 is violated, then the bulls will be in control of the market again and might push the price higher towards the swing high seen at the level of 1.1920. The strong and positive momentum supports the bullish short-term outlook for Euro.

Weekly Pivot Points:

WR3 – 1.2099

WR2 – 1.2008

WR1 – 1.1924

Weekly Pivot – 1.1834

WS1 – 1.1747

WS2 – 1.1659

WS3 – 1.1571

Trading Recommendations:

Since the middle of March 2020 the main trend is on EUR/USD pair has been up, which can be confirmed by almost 10 weekly up candles on the weekly time frame chart and 4 monthly up candles on the monthly time frame chart. The recent correction towards the level of 1.1612 seems to be completed and now market is ready for another wave up. This means any local corrections should be used to buy the dips until the key technical support is broken. The key long-term technical support is seen at the level of 1.1445. The key long-term technical resistance is seen at the level of 1.2555.

Technical Analysis of EUR/USD for November 16, 2020

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

Source : https://www.fx.co/forex_analysis/quickview/195362/