Trading plan for EURUSD for November 23, 2020

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Trading plan for EURUSD for November 23, 2020

Trading plan for EURUSD for November 23, 2020

Trading plan for EURUSD for November 23, 2020

Technical outlook:

EURUSD tests 1.1900 levels again today and might push through 1.1920/30 levels before reversing lower again. The single currency pair is seen to be trading close to 1.1900 at this point in writing and a drop below 1.1815 interim support will confirm a reversal. Please note that 1.1930 is fibonacci 0.786 retracement of the earlier drop between 1.2010 and 1.1600 respectively. A bearish reversal from there remains high probability since that is the last point of resistance. The overall structure continues to remain bearish until prices stay below 1.2010 interim resistance. On the flip side, another high above 1.2010 remains a probability and it might change bearish structure over the short term. A bearish reversal now would bring prices lower towards 1.1500 levels, before EURUSD finds support again.

Trading plan:

Remain short, stop above 1.2010 target is 1.1500

Good luck!

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

Source : https://www.fx.co/forex_analysis/quickview/196336/