Trading plan for EURUSD for November 25, 2020
EURUSD is testing the 1.1900 level again today with a probability of pushing towards 1.1930 levels before turning lower again. The single currency is seen to be trading at around 1.1904 levels at this point in writing and could be preparing to test 1.1930 levels. Also note that 1.1930 is the fibonacci 0.786 retracement of the entire drop between 1.2010 and 1.1600 levels respectively. EUR could face strong resistance if it hits the above zone in the next few hours. Looking at the overall structure, EURUSD might remain vulnerable for a sharp decline towards 1.1500 levels until prices stay below 1.2010 levels. Immediate resistance remains around 1.2010 mark, while interim support come in at 1.1600 handle on the daily chart. A break below 1.1600 would accelerate the drop towards 1.1500 and lower. On the flip side, a break above 1.2010 would change the short structure to bullish. We continue to hold short positions with risk around 1.2010 levels, going forward.
Remain short, stop @ 1.2010, target @ 1.1500
The material has been provided by InstaForex Company – www.instaforex.com