Technical analysis of EUR/USD for Nov 27, 2019

analytics5dde1940a1af4.jpg

Technical Market Overview:

The consolidation at the EUR/USD pair continues. The liquidity is now a little dry as the market awaits the breakout towards the technical support located at the level of 1.0989 and the 61% Fibonacci retracement located at the level of 1.0994. The bears are clearly in control of the market now and they are getting closer to the 61% Fibonacci retracement again. The next target for bears is seen at the level of 1.0999 – 1.0991, which is the key technical support for bulls. Please notice, that the negative momentum supports the short-term bearish outlook. The larger time-frame trend remains down.

Weekly Pivot Points:

WR3 – 1.1143

WR2 – 1.1119

WR1 – 1.1059

Weekly Pivot – 1.1036

WS1 – 1.0979

WS2 – 1.0950

WS3 – 1.0894

Trading Recommendations:

The best strategy for current market conditions is to trade with the larger timeframe trend, which is down. All upward moves will be treated as local corrections in the downtrend. The downtrend is valid as long as it is terminated or the level of 1.1445 clearly violated. There is an Ending Diagonal price pattern visible on the larget timeframes that indicate a possible downtrend termination soon. The key short-term levels are technical support at the level of 1.0999 and the technical resistance at the level of 1.1267.

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

Source:: Technical analysis of EUR/USD for 27/11/2019:

Won't your trader friends like this?
InstaForex
About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Related Posts

Leave a Reply

*